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This record contains private information, which has been redacted from public viewing.
Record #: O2018-4527   
Type: Ordinance Status: Passed
Intro date: 5/23/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 6/27/2018
Title: Redevelopment agreement with Foster Edens LLC for construction of multi-tenant retail and office buildings at 4635 W Foster Ave and 4711 W Foster Ave
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2018-4527.pdf, 2. O2018-4527 (V1).pdf
ORDINANCE

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on February 28, 2018 a certain redevelopment plan and project (the "Plan") for the Foster/Edens Tax Increment Financing Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act (the "Act"), as amended (65 ILCS 5/11-74.4-1 et seg.); and

WHEREAS, pursuant to an ordinance adopted by the City Council on February 28, 2018 the 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 February 28, 2018 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 Plan; and

WHEREAS, Foster Edens LLC, an Illinois limited liability company, or an affiliated to-be-formed entity with Michael Jaffe and Michael Eizenga as managing members ("Developer"), intends to purchase real property commonly known as 4635 and 4711 West Foster Avenue, and plans to commence and complete construction of three multi-tenant retail and office buildings collectively comprising approximately 143,175 square feet and approximately 516 parking spaces (the "Project);" and
WHEREAS, the Developer proposes to undertake the Project in accordance with the Plan and pursuant to the terms and conditions of a proposed redevelopment agreement to be executed by the Developer and the City; and

WHEREAS, pursuant to Resolution 18-CDC-10 (the "Resolution") adopted by the Community Development Commission of the City (the "Commission") on March 13, 2018, the Commission recommended that the Developer be designated as the developer for the Project and that the City's Department of Planning and Development ("DPD") be authorized to negotiate, execute and deliver on behalf of the City a redevelopment agreement with...

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