Office of the City Clerk - Record #: O2016-7966

• Record #: O2016-7966
• Type: Ordinance
• Status: Passed
• Intro date: 11/1/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/16/2016
• Title: Forty-ninth amending agreement with SomerCor 504, Inc. to administer Small Business Improvement Fund Program in Chicago/Central Park Redevelopment Project Area
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - Chicago/Central Park T.I.F. - Small Business Improvement Fund

Date	Journal Page Number	Action By	Action	Result
11/16/2016	38090	City Council	Passed	Pass
11/14/2016		Committee on Finance	Recommended to Pass	Pass
11/1/2016	34666	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
November 1, 2016









TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinance authorizing an allocation of TIF funds to the Chicago/Central Park SBIF.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
ORDINANCE

WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and

WHEREAS, by an ordinance adopted by the City Council of the City ("City Council") on July 21, 1999, and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 8307 to 8344, inclusive (the "Program Ordinance"), the City implemented a redevelopment program known as the Small Business Improvement Fund program (the "Program") to provide financing assistance pursuant to the Act for the improvement of commercial and industrial facilities of small businesses in certain redevelopment project areas of the City; and

WHEREAS, by ordinances adopted by the City Council, the first on November 8, 2000, and published in the Journal for said date at pages 43877 to 43930, inclusive (the "First Amending Ordinance") and the most recent, forty-eighth amending ordinance (the "Forty-Eighth Amending Ordinance," collectively with the Program Ordinance, the First Amending Ordinance and the other amending ordinances, the "SBIF Ordinance"), the City has restated and refined the Program and extended its reach to additional redevelopment project areas of...