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Record #: O2017-6306   
Type: Ordinance Status: Failed to Pass
Intro date: 9/6/2017 Current Controlling Legislative Body: Committee on Workforce Development and Audit
Final action:
Title: Amendment of Municipal Code Section 2-92-670 by removing definitions of "economically disadvantaged" and "personal net worth" from MBE/WBE Construction Program
Sponsors: Sawyer, Roderick T., Villegas, Gilbert, Ervin, Jason C., Austin, Carrie M., Munoz, Ricardo, Cardenas, George A., Harris, Michelle A., Mitchell, Gregory I., Beale, Anthony, Scott, Jr. Michael, Solis, Daniel, Taliaferro, Chris, Moore, David H., Lopez, Raymond A., Dowell, Pat, King, Sophia D., Maldonado, Roberto, Reboyras, Ariel, Santiago, Milagros, Waguespack, Scott, Willie B. Cochran, Curtis, Derrick G., Foulkes, Toni, Brookins, Jr., Howard, Hairston, Leslie A.
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 92 Dept. of Purchases, Contracts & Supplies
Attachments: 1. O2017-6306.pdf
Related files: R2019-362

Committee on Workforce Development September 6, 2017 City Council Meeting

 

 

ORDINANCE

 

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

 

SECTION 1. Section 2-92-650 of the Municipal Code of Chicago is hereby amended by deleting the struck-through language as follows:

 

2-92-670 Definitions.

(omitted text is unaffected by this ordinance)

 

(j) "Economically disadvantaged" means on individual whose personal net worth is loss than $2,000,000.00, adjusted annually for inflation, such annual-adjustment to bogin January 2008, basod on the Consumer Prioo Index—Urban Wage Earners and Clerical Workers (Chicago All Items) published by the United States Bureau of Labor Statistics.

 

 

{omitted text is unaffected by this ordinance)

 

(q) "Personal not worth" means tho not valuo of tho assets of an individual aftor total liabilities aro deducted. An individual's personal not worth doos not inoludo the individual's ownership interest in an applicant or other city certified M.B.E. or W.B.E. or tho individual's equity in his or hor primary place of rosidenoo. As to assets hold jointly with his or her spouse, an individual's personal not worth includes only that individual's share of such assets. An individual's net worth

 

Individual Retirement Accounts, 401 (k) accounts, or other retirement savings or investment programs-loss tho tax and intorost penalties that would bo imposed if tho asset were distributed at tho preoent time.

 

(omitted text is unaffected by this ordinance)

 

SECTION 2. This ordinance shall be in force and effect upon passage and approval.

 

 

 

 

Roderick Sawyer Alderman, 6lh Ward