ORDINANCE
WHEREAS, the City of Chicago (the "City") is a municipal corporation and home rule unit of government under Article VII, Section 6(a) of the 1970 Constitution of the State of Illinois, and as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the Board of Education of the City of Chicago (the "Board") is a body corporate and politic, organized under and existing pursuant to Article 34 of the School Code of the State of Illinois, 105 ILCS 5/1-1 et seq.; and
WHEREAS, pursuant to the provisions of an act to authorize the creation of public building commissions and to define their rights, powers and duties under the Public Building Commission Act (50 ILCS 20/1 et seq.), the City Council of the City (the "City Council") created the Public Building Commission of Chicago (the "Commission") to facilitate the acquisition and construction of public buildings and facilities; and
WHEREAS, the Board wishes to operate a school to be known as the New South Loop Elementary School (the "School") located at 1601 South Dearborn Street (the "Property"); and
WHEREAS, the Board desires to construct the School and related improvements (the "Facility") on the Property to serve the School (the construction of the Facility shall be referred to herein as the "Project"); and
WHEREAS, the City 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 blight conditions through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, to induce certain redevelopment pursuant to the Act, the City Council adopted ordinances on July 30, 1997 (as published in the Journal of Proceedings of the City Council (the "Journal") for such date at pages 49199 to 49206): approving and adopting a tax increment financing redevelopment project and plan for the River South Redevelopment ...
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