AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS DESIGNATING CHICAGO NEIGHBORHOOD INITIATIVES, INC., AS DEVELOPER
AND AUTHORIZING A REDEVELOPMENT AGREEMENT AND
ISSUANCE OF CITY NOTE ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council ("Citv Council") of the City of Chicago (the "City") on June 20, 2009, a certain redevelopment plan and project (the "Redevelopment Plan") for the North Pullman TIF Redevelopment Project Area (the "Redevelopment Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg., as amended (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on June 30, 2009, the Redevelopment 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 30, 2009 tax increment allocation financing was adopted pursuant to the Act as a means of financing certain redevelopment project costs (as , defined in the Act) incurred pursuant to the Redevelopment Plan; and
WHEREAS, Chicago Neighborhood Initiatives, Inc., an Illinois not-for-profit corporation (the "Developer"), plans to acquire certain property within the Redevelopment Area in the vicinity of 107th Street and Doty Avenue (the "Property "). The Developer plans to commence and complete site and infrastructure work, including ground stabilization, grading, environmental remediation, extension of wet and dry utilities, and storm water detention facilities (the "Project"), in order to prepare the Property to sell to Gotham Greens Chicago, LLC, an Illinois limited liability company (the "Vertical Developer"), for future construction of a facility to be occupied and operated by the Vertical Developer with an approximately 88,000 square foot greenhouse facility and approximately 17,000 square feet of office/support space; and
WHEREAS, the Developer has proposed to undertake the Project in accordance with the...
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