Office of the City Clerk - Record #: O2018-662

• Record #: O2018-662
• Type: Ordinance
• Status: Passed
• Intro date: 1/17/2018
• Current Controlling Legislative Body: Committee on Finance
• Final action: 2/28/2018
• Title: Adoption of Tax Increment Allocation Financing (TIF) for Foster/Edens Redevelopment Project Area
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - Foster/Edens T.I.F. - Adoption

Date	Journal Page Number	Action By	Action	Result
3/13/2018		Office of the Mayor	Signed by Mayor
2/28/2018	66196	City Council	Passed	Pass
2/26/2018		Committee on Finance	Recommended to Pass
1/17/2018	64116	City Council	Referred

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










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 ordinances authorizing adoption of the Foster/Edens TIF redevelopment plan and project.

Your favorable consideration of these ordinances will be appreciated.

Mayor


Very truly yours.

AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR THE FOSTER/EDENSREDEVELOPMENT PROJECT AREA

WHEREAS, it is desirable and in the best interest of the citizens of the City of Chicago, Illinois (the "City") for the City to implement tax increment allocation financing ("Tax Increment Allocation Financing") pursuant to the Illinois*.Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seq., as amended (the "Act"), for a proposed redevelopment project area to be known as the Foster/Edens Redevelopment Project Area (the "Area") described in Section 2 of this ordinance, to be redeveloped pursuant to a proposed redevelopment plan and project (the "Plan"); and

WHEREAS, the Community Development Commission of the City has forwarded to the City Council of the City ("City Council") a copy of its Resolution 17-CDC-26, recommending to the City Council the adoption of Tax Increment Allocation Financing for the Area, among other things; and '

WHEREAS, as required by the Act, the City has heretofore approved the Plan, which was identified in AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS, APPROVING A REDEVELOPMENT PLAN FOR THE FOSTER/EDENS REDEVELOPMENT PROJECT AREA . and has heretofore designated the Area as a redevelopment project area by passage of AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS, DESIGNATING THE FOSTER/EDENS REDEVELOPMENT PROJECT AREA AS A REDEVELOPMENT PROJECT AREA PURSUANT TO THE TAX INCREMENT ALLOCATION REDEVELOPMENT ACT and has otherwise complied with all other conditions ...