Office of the City Clerk - Record #: O2018-6582

• Record #: O2018-6582
• Type: Ordinance
• Status: Passed
• Intro date: 7/25/2018
• Current Controlling Legislative Body: Committee on Finance
• Final action: 9/20/2018
• Title: Agreement with 601W Companies Chicago LLC and use of Tax Increment Financing (TIF) funds for improvements to plaza structure associated with rehabilitation, reconstruction and renovation of Old Post Office
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
9/28/2018		Office of the Mayor	Signed by Mayor
9/20/2018	83443	City Council	Passed	Pass
7/25/2018	81392	City Council	Referred

ORDINANCE
WHEREAS, the City is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., 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, to induce redevelopment pursuant to the Act, the City Council of the City (the "City Council") adopted the following ordinances on November 12,1998: (1) "An Ordinance ofthe City of Chicago, Illinois Approving a Redevelopment Plan for the Canal/Congress Redevelopment Project Area" (the "Area"); (2) "An Ordinance of the City of Chicago, Illinois Designating the Canal/Congress Redevelopment Project Area as a Redevelopment Project Area Pursuant to Tax Increment Allocation Redevelopment Act"; and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the Canal/Congress Redevelopment Project Area" (the "TIF Adoption Ordinance") (items(1 )-(3) collectively referred to herein as the "TIF Ordinances"); and
WHEREAS, "Incremental Taxes" shall mean such ad valorem taxes which, pursuant to the TIF Adoption Ordinance and Section 5/11-74.4-8(b) of the Act, are allocated to and when collected are paid to the Treasurer of the City of Chicago for deposit by the Treasurer into the special tax allocation fund for the Area established to pay redevelopment project costs and obligations incurred in the payment thereof with respect to the Area; and
WHEREAS, pursuant to the Act and the Redevelopment Plan, Incremental Taxes may be used to pay redevelopment project costs such as the construction of public works or improvements; and
WHEREAS, the City is the owner ofthe approximately fifty foot (50') wide elevated structure located within the easternmost 50 feet ofthe South Canal Street right of way, between West Van Buren Street on the north and West Harrison Street on the south (the "Plaza S...