Office of the City Clerk - Record #: O2018-532

• Record #: O2018-532
• Type: Ordinance
• Status: Passed
• Intro date: 1/17/2018
• Current Controlling Legislative Body: Committee on Finance
• Final action: 2/28/2018
• Title: Amendment of redevelopment agreement with JTA Development, Inc./Renaissance Estates
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment, - TAX INCREMENT FINANCING DISTRICTS - 119th/I-57 T.I.F.

Date	Journal Page Number	Action By	Action	Result
3/13/2018		Office of the Mayor	Signed by Mayor
2/28/2018	66085	City Council	Passed	Pass
2/26/2018		Committee on Finance	Recommended to Pass
1/17/2018	64117	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
January 17,2018










TO TI1L: HONORABLE, THK CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinance authorizing an amendment to a previously executed redevelopment agreement with JTA Development/Renaissance Estates.

Your favorable consideration of this ordinance will be appreciated.

Mayor


Very truly yours,
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS AUTHORIZING AN AMENDMENT TO A REDEVELOPMENT AGREEMENT AND A SECOND AMENDMENT TO ITS AUTHORIZING ORDINANCE

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 seg, 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 (the "City Council") of the City on November 6, 2002, a certain redevelopment plan and project (the "Plan") for the 119th Street/l-57 Redevelopment Project Area (the "Area") was approved pursuant to the Act; and

WHEREAS, pursuant to an ordinance adopted by the City Council on November 6, 2002, 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 November 6, 2002, tax increment alloc...