Office of the City Clerk - Record #: O2016-8577

• Record #: O2016-8577
• Type: Ordinance
• Status: Passed
• Intro date: 11/30/2016
• Final action: 11/30/2016
• Title: Designation of Red and Purple Modernization (RPM) Phase One Project Redevelopment Project Area as redevelopment area pursuant to Tax Increment Financing (TIF) Act
• Sponsors: Emanuel, Rahm
• Topic: PUBLIC TRANSPORTATION - Chicago Transit Authority

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	38948	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,





AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS DESIGNATING THE RED AND PURPLE MODERNIZATION (RPM) PHASE ONE PROJECT REDEVELOPMENT PROJECT AREA AS A REDEVELOPMENT PROJECT AREA PURSUANT TO THE TAX INCREMENT ALLOCATION REDEVELOPMENT ACT

WHEREAS, it is desirable and in the best interest of the citizens of the City of Chicago, Illinois (the "City") for the City to implement tax increment allocation financing ("Tax Increment Allocation Financing") pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. sec;., as amended (the "Act"), for a proposed redevelopment project area to be known as the Red and Purple Modernization (RPM) Phase One Project Redevelopment Project Area (the "Area") described in Section 2 of this ordinance, to be redeveloped pursuant to a proposed redevelopment plan and project (the "Plan"); and

WHEREAS, a public meeting ("Public Meeting") was held in compliance with the requirements of Section 5/11-74.4-6(e) of the Act on September 13, 2016, at 6:00 p.m. at Sullivan Athletic Center, 2323 North Sheffield Avenue, Chicago, Illinois 60614, Chicago, Illinois; and

WHEREAS, the Plan (including the related eligibility report and the feasibility study) was made available for public inspection and review pursuant to Section 5/11-74.4-5(a) of the Act since September 20, 2016, being a date not less than 10 days before the meeting of the Community Development Commission of the City ("Commission") at which the Commission adopted Resolution 16-CDC-24 on September 30, 2016, fixing the time and place for a public hearing ("Hearing"), at the offices of the City Clerk and the Ci...