AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS AUTHORIZING FIRST AMENDMENT TO CHICAGO NEIGHBORHOOD INITIATIVES, INC. REDEVELOPMENT AGREEMENT (WHOLE FOODS WAREHOUSE AND DISTRIBUTION FACILITY)
WHEREAS, as a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, the City of Chicago (the "City") has the power to regulate for the protection of the public health, safety, morals and welfare of its inhabitants, and pursuant thereto, has the power to encourage private development in order to enhance the local tax base, create employment opportunities and to enter into contractual agreements with private parties in order to achieve these goals; and
WHEREAS, the City is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg., as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, pursuant to an ordinance adopted by the City Council on June 22, 2016 and published and published at pages 25672 - 25787 of the Journal of the Proceedings of the City Council for such date, the City entered into that certain Chicago Neighborhood Initiatives, Inc. Redevelopment Agreement dated as of July 22, 2016 and recorded on August 5, 2016 as Document Number 1621816054 in the Office of the Cook County Recorder of Deeds (the "Agreement") with Chicago Neighborhood Initiatives,. Inc., an Illinois not-for-profit corporation (the "Developer"); and
WHEREAS, subsequent to the execution of the Agreement, the Developer has encountered a number of challenges that have caused changes to the timing for the completion of the Project (as defined in the Agreement); and
WHEREAS, the Developer and Pullman Park Development 2, LLC, an Illinois limited liability company and wholly owned subsidiary of Developer (the "Gateway Vertical Developer"; together with the Develo...
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