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This record contains private information, which has been redacted from public viewing.
Record #: O2016-9138   
Type: Ordinance Status: Passed
Intro date: 12/14/2016 Current Controlling Legislative Body: Committee on Finance
Final action: 1/25/2017
Title: Amendment of redevelopment agreement with Beverly Western Partners for commercial facility at 2342 W 107th St and 10633 S Western Ave
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2016-9138 (V1).pdf, 2. O2016-9138.pdf
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS DESIGNATING BEVERLY WESTERN PARTNERS, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AS DEVELOPER AND
AUTHORIZING A REDEVELOPMENT AGREEMENT


ORDINANCE

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") ofthe City of Chicago (the "City") on February 8, 2006, a certain redevelopment plan and project (the "Western/Rock Island Plan and Project") for the Western/Rock Island Redevelopment Project Area (the "Western/Rock Island Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et secj.) (the "Act"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on February 8, 2006, the Western/Rock Island Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance adopted by the City Council on February 8, 2006 (the "Western/Rock Island TIF Ordinance"), tax increment allocation financing was adopted pursuant to the Act as a means of financing certain redevelopment project costs, as defined in the Act, incurred pursuant to the Western/Rock Island Plan and Project and directed that the allocation of ad valorem taxes arising from levies by taxing districts upon the taxable real property in the Western/Rock Island Area and tax rates be divided in accordance with the Act and as described in the Western/Rock Island TIF Ordinance; and

WHEREAS, Beverly Western Partners, LLC, an Illinois limited liability company (the "Company"), agreed to redevelop real property it owns located within the Western/Rock Island Area commonly known as 2342 West 107th Street and 10633 South Western Avenue, Chicago, Illinois (the "Site") and to commence and complete the construction of a commercial facility on the Site to be leased, in part, for the operation of a Buona Beef restaurant (the "Project"); and

WHEREAS, the Company proposed to undertake the Project in accordance with the Western/Rock Island Pl...

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