Office of the City Clerk - Record #: O2017-7404

• Record #: O2017-7404
• Type: Ordinance
• Status: Passed
• Intro date: 10/11/2017
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/8/2017
• Title: First amendment to Montclare Senior Residences of Avalon Park Phase I redevelopment agreement
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
11/8/2017	58713	City Council	Passed	Pass
11/6/2017		Committee on Finance	Recommended to Pass
10/11/2017	55872	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 11,2017










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 amendment to a previously passed redevelopment agreement for Montclare Senior Residences of Avalon Park.

Your favorable consideration of this ordinance will be appreciated.

Mayor


Very truly yours,
I
i





AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS AUTHORIZING FIRST AMENDMENT TO MONTCLARE SENIOR RESIDENCES OF AVALON PARK PHASE I REDEVELOPMENT AGREEMENT

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 seq., 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 July 9, 2008 and published and published at pages 31937 through 32020 of the Journal of the Proceedings of the City Council for such date, the City entered into that certain Montclare Senior Residences of Avalon Park Phase I Redevelopment Agreement dated as of October 29, 2008 and recorded on October 31, 2008 as Document Number 0830541124 in the Office of the Cook County Recorder of Deeds (the "Agreement") with Montclare Senior Residences of Avalon Park Phas...