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Record #: O2018-2342   
Type: Ordinance Status: Passed
Intro date: 3/28/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 4/18/2018
Title: Intergovernmental agreement with Chicago Park District for provision of Tax Increment Financing (TIF) assistance for rehabilitation of Seward Park Fieldhouse facilities at 375 W Elm St
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. O2018-2342 (V1).pdf, 2. O2018-2342.pdf

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

WHEREAS, the Chicago Park District (the "Park District"), is an Illinois municipal corporation and a unit of local government under Article VII, Section 1 ofthe 1970 Constitution, of the State of Illinois, and as such is authorized to exercise control over and supervise the operation of parks within the corporate limits of the City; and
WHEREAS, the Park District has undertaken to renovate the fieldhouse facilities (the "Project") located on a parcel of land known as Seward Park, which is generally located at 375 West Elm Street, Chicago, Illinois and legally described in Exhibit 1 (the "Property"); and

WHEREAS, the Property lies wholly within the boundaries of the Near North Redevelopment Project Area (as hereinafter defined); 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 blight conditions and conservation factors that could lead to blight through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, in accordance with the provisions of the Act, pursuant to ordinances " adopted on July 30, 1997, and published in the Journal of Proceedings ofthe City Council ofthe City of Chicago, Illinois for such date at pages 49207-49374,. the City Council of the City: (i) approved a redevelopment plan and project (the "Near North Plan") for a portion of the City known as the "Near North Redevelopment Project Area", (ii) designated the Near North Redevelopment Project Area as a redevelopment project area under the Act, and, (iii) adopted tax increment financing for the Near North Redevelopment Project Area; ...

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