Office of the City Clerk - Record #: O2016-8573

• Record #: O2016-8573
• Type: Ordinance
• Status: Passed
• Intro date: 11/30/2016
• Final action: 11/30/2016
• Title: Amendment No. 1 to Devon/Sheridan Tax Increment Financing (TIF) plan and area
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - Devon/Sheridan T.I.F. - Amendment

Date	Journal Page Number	Action By	Action	Result
11/30/2016		City Council	Signed by Mayor
11/30/2016		City Council	Rules Suspended - Immediate Consideration
11/30/2016	38699	City Council	Passed	Pass

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
November 30, 2016








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


Ladies and Gentlemen:

I transmit herewith seven ordinances regarding the Red and Purple Modernization (RPM) Program.

Your favorable consideration of these ordinances will be appreciated.

Mayor


Very truly yours,



ORDINANCE


WHEREAS, Under ordinances adopted on March 31, 2004 and published in the Journal of the Proceedings of the City Council of the City of Chicago for such date (the "Journal of Proceedings") at pages 20510 - 20620, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1, et seq, as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved an ordinance approving a redevelopment plan and project (the "Redevelopment Plan") for a portion of the City known as the "Devon/Sheridan Redevelopment Project Area" (such ordinance being defined in this ordinance as the "Plan Ordinance", and such area as described in the Plan Ordinance being defined in this ordinance as the "Original Area"); (ii) approved an ordinance designating the Original Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance"); and, (iii) approved an ordinance adopting tax increment financing for the Original Area (the "TIF Adoption Ordinance") (the Plan Ordinance, the Designation Ordinance, and the TIF Adoption Ordinance are collectively defined in this ordinance as the "Devon/Sheridan TIF Ordinances"); and

WHEREAS, It is desirable and in the best interest of the citizens of the City for the City to amend the Redevelopment Plan and to decrease the Original Area to exclude certain parcels by adopting "Amendment No. 1 to the Devon/Sheridan Redevelopment Project Area Tax Increment Finance District Eligibility Study, Redevelopment Plan and Project," which is attached as Exhibit A ("Amendment No. 1", wit...