Record #: O2018-5304   
Type: Ordinance Status: Passed
Intro date: 6/27/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 7/25/2018
Title: Amendment No. 1 to River South Tax Increment Financing (TIF) Redevelopment Project and Plan
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - River South T.I.F. - Amendment
Attachments: 1. O2018-5304.pdf, 2. O2018-5304 (V1).pdf

ORDINANCE

 

WHEREAS, pursuant to ordinances adopted on July 30,1997, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 49089 to 49206, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seg., as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Plan") for a portion of the City known as the "River South Redevelopment Project Area" (the "Area") (the "Plan Ordinance"); (ii) designated the Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance"); and (iii) adopted tax increment financing for the Area (the "TIF Adoption Ordinance" and together with the Plan Ordinance and the Designation Ordinance, referred to herein collectively as the "TIF Ordinances"); and

 

WHEREAS, the Plan established the estimated dates of completion of the redevelopment project described in the Plan and of the retirement of obligations issued to finance redevelopment project costs to be July 30, 2020, which date is not more than twenty-three (23) years from the date of the adoption of the Designation Ordinance, and the Corporate Authorities made a finding in the Plan Ordinance that such date was not more than twenty-three (23) years from the date of the adoption of the Designation Ordinance in accordance with the provisions of Section 11-74.4-3(n)(3) of the Act in effect on the date of adoption of the TIF Ordinances; and

 

WHEREAS, Public Act 91-478 (the "Amendatory Act"), which became effective November 1, 1999, amended the Act, among other things, (i) to change the dates set forth in Section 11-74.4-3(n)(3) of the Act by which redevelopment projects must be completed and obligations issued to finance redevelopment project costs must be retired to be no later than December 31 of the year in which the payment to a municipal treasurer as provided in Section 11-74.4-8(b) of the Act is to be made with respect to ad valorem taxes levied in the twenty-third calendar year after the year in which the ordinance approving a redevelopment project area is adopted, and (ii) to provide that a municipality may amend an existing redevelopment plan to conform such redevelopment plan to Section 11-74.4-3(n)(3) of the Act, as amended by the Amendatory Act, by an ordinance adopted without further hearing or notice and without complying with the procedures provided in the Act pertaining to an amendment to or the initial approval of a redevelopment plan and project and designation of a redevelopment project area; and

 

WHEREAS, the Corporate Authorities desire further to amend and supplement the Plan to conform to Section 11-74.4-3(n)(3) of the Act, as amended by the Amendatory Act, in accordance with the procedures set forth in amended Section 11-74.4-3(n)(3);

NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

 

SECTION 1. Recitals. The above recitals are incorporated herein and made a part hereof.

 

SECTION 2. Approval of Amendment Number 1 to the Plan. "Amendment No. 1 to the River South Tax Increment Financing Redevelopment Project and Plan", a copy of which is attached hereto as Exhibit A, is hereby approved.

 

SECTION 3. Finding. The Corporate Authorities hereby find that the estimated dates of completion of the redevelopment project described in the Plan and of the retirement of obligations issued to finance redevelopment project costs set forth in the Plan, as amended by the Plan

1

 

 

Amendment, conform to the provisions of Section 11-74.4-3(n)(3) of the Act, as amended by the Amendatory Act.

 

SECTION 4. Invalidity of Any Section. If any provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such provision shall not affect any of the remaining provisions of this ordinance.

 

SECTION 5. Supersedes All ordinances (including, without limitation, the TIF Ordinances), resolutions, motions or orders in conflict with this ordinance are hereby repealed to the extent of such conflicts.

SECTION 6. Effective Date. This ordinance shall be in full force and effect immediately upon its passage and approval.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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EXHIBIT A

 

AMENDMENT NO. 1 TO THE RIVER SOUTH TAX INCREMENT FINANCING REDEVELOPMENT PROJECT AND PLAN

 

In Section V. entitled "Redevelopment Project," Sub-section G entitled "Issuance of Obligations," the first sentence in the second paragraph shall be deleted and replaced with the following:

 

"The redevelopment project shall be completed, and all obligations issued to finance redevelopment costs shall be retired, no later than December 31 of the year in which the payment to the City treasurer as provided in the Act is to be made with respect to ad valorem taxes levied in the twenty-third calendar year following the year in which the ordinance approving the River South RPA was adopted."

 

OFFICE  OF THE MAYOR

CITY OF CHICAGO

RAHM EMANUEL

MAYOR

June 27, 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 ordinances amending various TIF redevelopment plans.

 

Your favorable consideration of these ordinances will be appreciated.

Mayor

 

 

Very truly yours,

 

 

 

 

To the President and Members of the City Council:

 

Your Committee on Finance having had under consideration an ordinance authorizing Amendment #1 to the River South Tax Increment Allocation Redevelopment Plan.

02018-5304

 

 

 

 

 

 

 

 

 

 

 

 

Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith.

 

This recommendation was concurred in by                     (a(yjva voce vote^)

of members of the committee with                     dissenting vote(s)7                     

 

 

 

Respectfully submitted

(signed

7 /

 

Chairman