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Record #: SO2017-3861   
Type: Ordinance Status: Passed
Intro date: 5/24/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 6/28/2017
Title: Amendment No. 4 to Bronzeville Tax Increment Financing (TIF) Redevelopment Plan and Project
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - Bronzeville T.I.F.
Attachments: 1. O2017-3861.pdf, 2. SO2017-3861.pdf, 3. SO2017-3861 (V1).pdf
SUBSTITUTE ORDINANCE
WHEREAS, under ordinances adopted on November 4,1998, and published in the Journal of Proceedings of the City Council for such date at pages 80645 - 80778 (as amended by ordinances adopted on July 29, 2003, December 7, 2005 and October 8, 2014), and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11 - 74.4.1 et seq., as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved "The Bronzeville Redevelopment Project Area Tax Increment Financing Program Redevelopment Plan and Project" (the "Plan,") for a portion of the City known as the "Bronzeville Redevelopment Project Area" (the "Area") (such ordinances being defined herein as the "Approval Ordinances"); (ii) designated the Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance") and, (iii) adopted tax increment financing for the Area (the "Adoption Ordinance"); and
WHEREAS, the Approval Ordinances, the Designation Ordinance, and the Adoption Ordinance are collectively referred to in this ordinance as the "TIF Ordinances"; and
WHEREAS, under Section 11-74.4-5(c) of the Act, amendments to a redevelopment plan which do not (1) add additional parcels of property to the proposed redevelopment project area, (2) substantially affect the general land uses proposed in the redevelopment plan, (3) substantially change the nature of the redevelopment project, (4) increase the total estimated redevelopment project cost set out in the redevelopment plan by more than 5% after adjustment for inflation from the date the plan was adopted, (5) add additional redevelopment project costs to the itemized list of redevelopment project costs set out in the redevelopment plan, or (6) increase the number of inhabited residential units to be displaced from the redevelopment project area, as measured from the time of creation of the redevelopment project area, to a total of more tha...

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