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This record contains private information, which has been redacted from public viewing.
Record #: O2016-9130   
Type: Ordinance Status: Passed
Intro date: 12/14/2016 Current Controlling Legislative Body: Committee on Finance
Final action: 1/25/2017
Title: Amendment to redevelopment agreement with XS Tennis Village LLC
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2016-9130.pdf, 2. O2016-9130 (V1).pdf
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS AUTHORIZING AN AMENDMENT TO REDEVELOPMENT AGREEMENT


ORDINANCE

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") ofthe City of Chicago (the "City") on July 21, 2004 and published at pages 27705-27826 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project for the 47th/State Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.)(the "Act")(such plan and project are referred to herein as the "Plan"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on July 21, 2004 and published at pages 27827-27832 of the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance adopted by the City Council on July 21, 2004 and published at pages 27833-27843 of the Journal of such date, tax increment allocation 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 Plan; and

WHEREAS, pursuant to an ordinance adopted by the City Council on December 10, 2014 and published at pages 99066-99138 of the Journal of such date, the City entered into that certain XS Tennis Village Redevelopment Agreement ("RDA") dated as of July 23, 2015 and recorded on July 27, 2015 as Document No. 1520810098 in the Office of the Cook County Recorder of Deeds by and between the City and XS Tennis Village LLC, an Illinois limited liability company ("LLC"), XS Tennis & Education Foundation, an Illinois not-for-profit corporation ("Education Foundation"), XS Tennis Support Foundation, Inc., an Illinois not-for-profit-corporation ("Support Foundation"), and XS Tennis THC, Inc., an Illinois not-for-profit corporation ("Holding" and collectively with LLC, Education Founda...

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