ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on June 10, 1998, and published on that date at pages 70203 to 70366 of the Journal of the Proceedings of the City Council (the "Journal"), a certain redevelopment plan and project (the "Plan") for Stony Island/Burnside Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "Act"), as amended by an ordinance adopted by the City Council on June 9, 2010 and published at pages 92653 to 92702 ofthe Journal; and
WHEREAS, pursuant to an ordinance adopted by the City Council on June 10, 1998 and published at pages 70341 to 70353 of the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on June 10, 1998 and published at pages 70354 to 70366 of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan, and
WHEREAS, Trinity 95th and Cottage Grove Planned Community Development, Series, LLC, an Illinois limited liability company (the "Developer"), intends to construct an addition and partially renovate an existing commercial building to be anchored by Advocate Medical Center at property commonly known as 901 East 95th Street, Chicago, Illinois (the "Project").
WHEREAS, the Developer has proposed to undertake the redevelopment of the Project in accordance with the Plan and pursuant to the terms and conditions of a proposed redevelopment agreement to be executed by the Developer and the City, including but not limited to construction and build-out of space to accommodate a medical office and other commercial uses to be financed in part by incremental taxes...
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