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Record #: O2016-8118   
Type: Ordinance Status: Introduced
Intro date: 11/1/2016 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Amendment of Municipal Code Chapter 2-45 by inserting new Section 2-45-160 requiring redevelopment projects receiving tax increment financing (TIF) funds to meet legal requirements contained in Tax Increment Allocation Redevelopement Act
Sponsors: Munoz, Ricardo, Hairston, Leslie A., Sadlowski Garza, Susan, Moore, David H., Sawyer, Roderick T., Foulkes, Toni, Taliaferro, Chris, Waguespack, Scott, Sposato, Nicholas, Mitchell, Gregory I., Pawar, Ameya, Villegas, Gilbert, Ramirez-Rosa, Carlos, Arena, John, Smith, Michele, Cappleman, James, King, Sophia D.
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 45 Dept. of Planning & Development
Attachments: 1. O2016-8118.pdf
Committee on Finance November 1, 2016 City Council Meeting


TIF INTENT ORDINANCE


WHEREAS, The City of Chicago (the "City") is a home rule municipality as described in Section 6(a), Article VII of the 1970 Constitution of the State of Illinois and, as such, may exercise any power and function pertaining to its government and affairs; and

WHEREAS, Pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74-4.1, et seq. (the "T.I.F. Act"), the City of Chicago is authorized to create TIF Districts in the City; and

WHEREAS, The City of Chicago depends upon TIF to fund redevelopment projects more than any other major U.S. city, and has the largest geographic percentage of established TIF district in the country; and

WHEREAS, Legislative expansions creating the eligibility of "conservation areas" for TIF have diminished the statutory requirement of blight and in turn the "but-for" test; and

WHEREAS, With meaningful oversight and implementation, TIFs can serve as an important mechanism for encouraging affordable housing development, improving parks and schools, fixing basic infrastructure, putting vacant land to productive use, creating well-paying jobs and eradicating blight in the City of Chicago; and

WHEREAS, The City has a vested interest in ensuring that TIF allocations are provided to areas of the City that are most in need of economic stimulation, job creation, land redevelopment and blight eradication, NOW THEREFORE:


BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:


SECTION 1. The above recitals are expressly incorporated herein and made a part of this ordinance.

SECTION 2. Chapter 2-45 of the Municipal Code of the City of Chicago is hereby amended by inserting a new Section 2-45-160, as follows:

2-45-160 Tax Increment Financing "Back to Basics" Reform

Purpose and intent.
It is the purpose of this ordinance to ensure that all redevelopment projects receiving TIF allocations are projects that meet the core legal requirements se...

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