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Record #: SO2018-3195   
Type: Ordinance Status: Passed
Intro date: 4/18/2018 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 5/25/2018
Title: Intergovermental agreement with Chicago Park District for transfer of property and reimbursement of Tax Increment Financing (TIF) funded improvements for Edgewater Park project
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Intergovernmental, - AGREEMENTS - Redevelopment, - PROPERTY - Acquisition
Attachments: 1. SO2018-3195.pdf, 2. O2018-3195.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 of the 1970 Constitution, of the State of Illinois, and as such is authorized to exercise control over and supervise the operation of all parks within the corporate limits of the City; and

WHEREAS, on February 10, 2016 the City Council of the City (the "City Council"), by an ordinance adopted on October 10, 2003 and published in the Journal of the Proceedings of the City Council for such date at pages 18491 through 18494, authorized the City's acquisition of six land parcels commonly known as 1628 and 1630 West Hollywood Avenue, and 1619, 1621, 1623 and 1625 West Edgewater Avenue on the site of the former Edgewater Hospital (the "Project Property"), which is identified on Exhibit A attached hereto and made a part hereof, from MCZ Edgewater LLC and MCZ Edgewater Exchange LLC; and

WHEREAS, the City has executed a real estate sales agreement regarding the Project Property; and

WHEREAS, after the City acquires the Project Property, the City intends to convey it to the Park District for the development of a new public park (the "Project"); and

WHEREAS, the Project Property lies completely within the boundaries of the Edgewater Ashland Redevelopment Area (as hereinafter defined); and

WHEREAS, in accordance with 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"), and pursuant to ordinances adopted on October 1, 2003, the City Council: (i) approved and adopted a Tax Increment Redevelopment Project and Plan for a portion of the City known as the "Edge...

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