Office of the City Clerk - Record #: O2016-8578

• Record #: O2016-8578
• Type: Ordinance
• Status: Passed
• Intro date: 11/30/2016
• Final action: 11/30/2016
• Title: Adoption of Tax Increment Allocation Financing (TIF) for Red and Purple Modernization (RPM) Phase One Project Redevelopment Project Area
• 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	39008	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 ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR THE RED AND PURPLE MODERNIZATION (RPM) PHASE ONE PROJECT REDEVELOPMENT
PROJECT AREA


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. seg., 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, the Area is within a transit facility improvement area established pursuant to Section 5/11-74.4-3.3 of the Act; and
WHEREAS, the purpose of the Plan is to develop new transit facilities and expand or rehabilitate existing transit facilities; and

WHEREAS, the Community Development Commission of the City has forwarded to the City Council of the City ("City Council") a copy of its Resolution 16-CDC-30, recommending to the City Council the adoption of Tax Increment Allocation Financing for the Area, among other things; and

WHEREAS, as required by the Act, the City has heretofore approved the Plan, which was identified in AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS, APPROVING A REDEVELOPMENT PLAN FOR THE RED AND PURPLE MODERNIZATION (RPM) PHASE ONE PROJECT REDEVELOPMENT PROJECT AREA and has heretofore designated the Are...