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This record contains private information, which has been redacted from public viewing.
Record #: O2016-9128   
Type: Ordinance Status: Passed
Intro date: 12/14/2016 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 1/25/2017
Title: Sale of City-owned property at 4325-4353 W 5th Ave and 4300 W Roosevelt Rd to CP Westside LLC for redevelopment of land
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2016-9128.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
December 14, 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 ordinances authorizing the sale of city-owned property.

Your favorable consideration of these ordinances will be appreciated.

Mayor

Very truly yours,
ORDINANCE

WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions of the Constitution of the State of Illinois of 1970, and, as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, pursuant to an ordinance adopted by the City Council of the City (the "City Council") on February 5, 1998, and published at pages 60917 through 61070, in the Journal of the Proceedings of the City Council (the "Journal") of such date: (i) a certain redevelopment plan and project ("Original Plan") for the Roosevelt-Cicero Industrial Corridor Tax Increment Financing Redevelopment Project Area ("Area"), was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "Act"); (ii) the Area was designated as a redevelopment project area pursuant to the Act; and (iii) tax increment financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Original Plan; and

WHEREAS, the Original Plan and the use of tax increment financing provide a mechanism to support new growth through leveraging private investment, and helping to finance land acquisition, demolition, remediation, site preparation and infrastructure for new development in the Area; and

WHEREAS, the City Council, pursuant to an ordinance adopted on November 1, 2016, authorized an amendment to the Plan (the Original Plan, as amended, the "Plan"); and

WHEREAS, the City is the owner of two...

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