Office of the City Clerk - Record #: O2018-3321

• Record #: O2018-3321
• 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: Acquisition of property at 3508-3516 S Halsted St and 3506 S Halsted St for benefit of revised 35th/Halsted Redevelopment Plan and Project
• Sponsors: Emanuel, Rahm
• Topic: PROPERTY - Acquisition

Date	Journal Page Number	Action By	Action	Result
5/25/2018	77845	City Council	Passed	Pass
5/7/2018		Committee on Housing and Real Estate	Recommended to Pass
4/18/2018	75020	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR

April 18,2018










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 an ordinance authorizing an acquisition of property in the 3500 block of South Halsted.

Your favorable consideration of this ordinance will be appreciated.

Mayor


Very truly yours,
ORDINANCE

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

WHEREAS, pursuant to ordinances adopted by the City Council of the City ("City Council") on January 14, 1997, and published in the Journal of the Proceedings of the City Council of such date, a certain redevelopment plan and project (the "Original Plan") for the 35th/Halsted 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 seg.; the "Act"); the Area was designated as a redevelopment project area pursuant to the Act; and 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 Original Plan; and

WHEREAS, pursuant to an ordinance adopted by the City Council on May 5, 2004, and published in the Journal of such date, the City Council approved Amendment Number 1 to the Original Plan (the Original Plan, as amended by the May 5, 2004 ordinance, hereinafter referred to as the "Revised Plan"); and

WHEREAS, the Revised Plan and the use of tax increment financing provide a mechanism to support new growth through leveraging private investment, and help to finance land acquisition, demolition, remediation, site preparation and infrastructure for new develo...