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Record #: O2017-8434   
Type: Ordinance Status: Passed
Intro date: 11/21/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 12/13/2017
Title: Repeal of Chicago Lakeside Development Tax Increment Financing (T.I.F.) District - Phase I Redevelopment Project Area
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - Chicago Lakeside Development T.I.F.
Attachments: 1. O2017-8434.pdf, 2. O2017-8434 (V1).pdf
ORDINANCE

WHEREAS, the City Council of the City of Chicago (the "City") adopted the following ordinances in accordance with the Tax increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq. (the "Act") on May 12, 2010. (1) "Authorization for Approval of a Tax Increment Redevelopment Plan for the Chicago Lakeside Development-Phase I Redevelopment Project Area;" (2) "Designation of the Chicago Lakeside Development-Phase I Redevelopment Project Area as a Tax Increment Financing District;" and (3) "Adoption of Tax Increment Allocation Financing for the Chicago Lakeside Development-Phase I Redevelopment Project Area;" and

WHEREAS, pursuant to Section 4(r) of the Act, if no redevelopment project has been initiated in a redevelopment project area within 7 years after the area was designated by ordinance under Section 4(a) of the Act, then the municipality which designated the redevelopment project area shall adopt an ordinance repealing the area's designation as a redevelopment project area; and

WHEREAS, pursuant to Section 4(r) of the Act, initiation of a redevelopment project shall be evidenced by either a signed redevelopment agreement or expenditures on eligible redevelopment project costs associated with a redevelopment project; and

WHEREAS, no redevelopment project has been initiated in the Chicago Lakeside Development-Phase I Redevelopment Project Area (the "Area") within 7 years after the designation thereof; and

WHEREAS, in accordance with the provisions of Section 4(r) of the Act, the City is required to repeal the designation of the Area as a redevelopment project area; now, therefore,

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

Section 1. The above recitals are incorporated herein and made a part hereof.

Section 2. The designation of the Area legally described on Exhibit A attached hereto and otherwise depicted on Exhibit B attached hereto is hereby repealed. The list of parcels comprising the Area is attached hereto as Exh...

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