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This record contains private information, which has been redacted from public viewing.
Record #: O2018-3786   
Type: Ordinance Status: Passed
Intro date: 4/18/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 5/23/2018
Title: Fifty-fourth amending agreement with SomerCor 504, Inc. regarding administration of Small Business Improvement Fund (SBIF) program within Elston/Armstrong Industrial Corridor, Humboldt Park Commercial, Kinzie Industrial Conservation, Portage Park redevelopment project areas, amending Second SomerCor Agreement
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Improvement
Attachments: 1. O2018-3786.pdf, 2. O2018-3786 (V1).pdf
ORDINANCE

WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg., as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and

WHEREAS, by an ordinance adopted by the City Council of the City ("City Council") on July 21, 1999, and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 8307 to 8344, inclusive (the "Program Ordinance"), the City implemented a redevelopment program known as the Small Business Improvement Fund program (the "Program") to provide financing assistance pursuant to the Act for the improvement of commercial and industrial facilities of small businesses in certain redevelopment project areas of the City; and

WHEREAS, by ordinances adopted by the City Council, the first on November 8, 2000, and published in the Journal for said date at pages 43877 to 43930, inclusive (the "First Amending Ordinance") and the most recent fifty-third amending ordinance adopted by the City Council on February 28, 2018, and published in the Journal for said date at pages 66121 through 66131, inclusive (the "Fifty-Third Amending Ordinance," collectively with the Program Ordinance, the First Amending Ordinance and the other amending ordinances, the "SBIF Ordinance"), the City has restated and refined the Program and extended its reach to additional redevelopment project areas of the City; and

WHEREAS, the SBIF Ordinance authorized DPD to fund the Program in the Elston/Armstrong Industrial Corridor Redevelopment Project Area ("Elston/Armstrong Area") in an amount not to exceed $750,000; and

WHEREAS, as part of the Program, the $750,000 funding previously authorized fo...

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