Office of the City Clerk - Record #: SO2017-6801

• Record #: SO2017-6801
• Type: Ordinance
• Status: Passed
• Intro date: 9/6/2017
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/11/2017
• Title: Redevelopment agreement with Hatchery Chicago LLC, Kinzie Industrial Development Corp. and Accion Chicago
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
10/17/2017		City Council	Signed by Mayor
10/11/2017	55983	City Council	Passed as Substitute	Pass
10/5/2017		Committee on Finance	Recommended to Pass
10/5/2017		Committee on Finance	Substituted in Committee
9/6/2017	54135	City Council	Referred

SUBSTITUTE

ORDINANCE

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on June 10, 1998 and published at pages 70367-70500 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project for the Kinzie Industrial Conservation Area Tax Increment 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 seg)(the "Act")(such plan and project, as amended pursuant to an ordinance adopted by the City Council on May 12, 2010 and published at pages 89,655 - 89,664 of the Journal, are referred to herein as the "Plan"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on June 10, 1998 and published at pages 70499-70510 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 June 10, 1998 and published at pages 70509-70520 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 Hatchery Chicago Illinois, an Illinois not-for-profit corporation ("Hatchery"), Kinzie Industrial Development Corporation, an Illinois not-for-profit corporation ("KIDC") and Accion/Chicago, Inc. d/b/a Accion Chicago, an Illinois not-for-profit corporation ("Accion") intend to organize entities owned and controlled by Hatchery, Accion and/or KIDC ("Hatchery Titleholder" and "Master Tenant"; together with Accion, Hatchery and KIDC, collectively, "Developer");
WHEREAS, the City is the owner of that certain vacant real property located in the Area and legally described on Exhibit A attached hereto (the "City Property"); and

WHEREAS, the Developer has a contract to purcha...