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, the City has established the Community Development Commission ("CDC") to. among other things, designate redevelopment areas, approve redevelopment plans, and recommend the sale or lease of parcels located in redevelopment areas, subject to the approval of the City Council of the City ("City Council"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on March 27, 2002, and published at pages 81231-81457 of the Journal of the Proceedings of the City Council ("Journal") of such date, a certain redevelopment plan and project (as amended, the "Plan") for the 47th/King Drive Redevelopment Project Area ("Redevelopment 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"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on March 27, 2002, and published at pages 81458-81465 of the Journal of such date, the Redevelopment Area was designated as a "conservation area" redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance adopted by the City Council on March 27, 2002, and published at pages 81466-81472 of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Redevelopment Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and
WHEREAS, the City is the owner of the real property located at 446 East 47th Street, Chicago, Illinois 60653, which is legally described on Exhibit A attached hereto (the "City Land"), and which is located in the Redevelopment Area; and
WHEREAS, the City Land is located in the Grand Boulevard Community Area and is comp...
Click here for full text