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Record #: O2017-6330   
Type: Ordinance Status: Passed
Intro date: 9/6/2017 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 10/11/2017
Title: Acquisition of additional parcels within 71st and Stony Island Tax Increment Financing (TIF) Project Area regarding Jeffery Plaza
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Acquisition
Attachments: 1. O2017-6330.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 6, 2017










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the.request of the Commissioner of Planning and Development, I transmit herewith an ordinance authorizing an extension of previously granted acquisition authority regarding Jeffery Plaza.
Mayor

Your favorable consideration of this ordinance will be appreciated.

ORDINANCE

WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions of the Constitution of the. State of Illinois of 1970, and as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, pursuant to an ordinance adopted by the City Council of the City ("City Council") on October 7, 1998, and published at pages 78137 and 78139 through 78211 of the Journal of the Proceedings of the City Council of the City of Chicago ("Journal") of such date, a certain redevelopment plan and project (the "Plan") for the 71st and Stony Island Tax Increment Financing Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended, 65 ILCS 5/11-74.4-1 et seq. (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on October 7, 1998, and published at pages 78210 and 78212 through 78227 of the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance adopted by the City Council on October 7,1998, and published at pages 78226 and 78228 through 78242 of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and

WHEREAS, the Plan and the use of tax increment financing provide a mechanism to support new growth through leveraging private investment, ...

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