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This record contains private information, which has been redacted from public viewing.
Record #: SO2017-2529   
Type: Ordinance Status: Passed
Intro date: 3/29/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 4/19/2017
Title: Implementation of various components of Retail Thrive Zones Program
Sponsors: Emanuel, Rahm, Sawyer, Roderick T., Mitchell, Gregory I., Thompson, Patrick D., Foulkes, Toni, Willie B. Cochran, Burnett, Jr., Walter, Austin, Carrie M., Mitts, Emma, Lopez, Raymond A.
Topic: AGREEMENTS - Miscellaneous
Attachments: 1. SO2017-2529.pdf, 2. O2017-2529.pdf, 3. SO2017-2529 (V1).pdf

WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, is authorized under the provisions of the Tax Increment Allocation Redevelopment Act. 65 ILCS 5/11-74.4-1 et seq as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, by an ordinance adopted by the City Council of the City ("City Council") on October 5, 2016, and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 33608 to 33618, inclusive (the "Retail Thrive Zones Ordinance"), the City created a pilot program, pursuant to which zones ("Retail Thrive Zones") in certain retail corridors within the City were established for the purpose of receiving targeted support in order to spur economic development; and
WHEREAS, the Retail Thrive Zones Ordinance created eight Retail Thrive Zones within designated parts of the Avalon/South Shore, Austin Commercial, 47th/Ashland, 43rd/Cottage Grove, 47th/King Drive, 67thA/Ventworth, 87,h/Cottage Grove, Englewood Neighborhood, Englewood Mall, Chicago/Central Park, 107th/Halsted and 119th/Halsted redevelopment project areas; and
WHEREAS, the City desires to change the name of the South Chicago Retail Thrive Zone established by the Retail Thrive Zones Ordinance to the South Shore Retail Thrive Zone; and
WHEREAS, the City desires to provide targeted funding to the Retail Thrive Zones for the purpose of marketing various economic development programs and incentives (the "Program"); and
WHEREAS, each Retail Thrive Zone has a designated local community organization partnering with the City to achieve the objectives of the Program (each, a "Thrive Zone Partner"), and the City Council now desires that the City enter into a separate agreement with each of the se...

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