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This record contains private information, which has been redacted from public viewing.
Record #: SO2018-156   
Type: Ordinance Status: Passed
Intro date: 1/17/2018 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 2/28/2018
Title: Redevelopment agreement with 118 N Aberdeen LLC for renovation of property at 118 N Aberdeen St for use as Chicago Public Library branch and regional office
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2018-156.pdf, 2. SO2018-156.pdf
SUBSTITUTE ORDINANCE

WHEREAS, the City of Chicago (the "City") is a municipal coiporation and. home rule unit of government under Article VII, Section 6(a) of the 1970 Constitution of the Slate of Illinois, and as such may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, Section 17-4-1000 of the Chicago Zoning Ordinance (the "Downtown Bonus Ordinance") authorizes the City to award floor area ratio ("FAR") bonuses to projects located in downtown districts ("Bonus Projects"1) in return for financial contributions to the City ("Bonus Payment(s)"); and

WHEREAS, Bonus Payments are deposited into three funds: (i) the Neighborhoods Opportunity Fund, (ii) the Citywide Adopt-a-Landmark Fund, and (iii) the Local Impact Fund; and

WHEREAS, the Local Impact Fund receives 10% of each Bonus Payment; and

WHEREAS, the purpose of the Local Impact Fund is to finance improvements in the following categories as set forth in Section 17-4-1005-C: (1) creation or improvement of public park spaces; (2) pedestrian, streetscape and infrastructure improvements; (3) improvements to transit stations and other public transit infrastructure; (4) landmark restoration projects; and (5) construction, expansion or rehabilitation of public buildings and facilities; and

WHEREAS, the above-described local improvements are eligible for funding from the Local Impact Fund if they are located: (i) within one mile of a Bonus Project and the PD ordinance for the Bonus Project identifies that specific improvement; or (ii) anywhere in the downtown area if the PD ordinance for the Bonus Project does not identify any specific improvements; and

WHEREAS, 118 N. Aberdeen, LLC, a Delaware limited liability company (the "Developer") is the owner of the real property located at 118 North Aberdeen Street, Chicago, Illinois, as more particularly described on Exhibit A attached hereto (the "Library Parcel"); and

WHEREAS, the Library Parcel is comprised of approximat...

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