Office of the City Clerk - Record #: SO2018-7082

• Record #: SO2018-7082
• Type: Ordinance
• Status: Passed
• Intro date: 9/20/2018
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/31/2018
• Title: Amendment No. 3 to Lake Calumet Area Industrial Tax Increment Financing (TIF) Redevelopment Project Area and Plan
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - Lake Calumet T.I.F. - Amendment

Date	Journal Page Number	Action By	Action	Result
10/31/2018	86452	City Council	Passed as Substitute	Pass
10/29/2018		Committee on Finance	Substituted in Committee
9/20/2018	83298	City Council	Referred

SUBSTITUTE ORDINANCE

APPROVING AMENDMENT NO. 3 TO THE LAKE CALUMET AREA INDUSTRIAL TAX INCREMENT FINANCING REDEVELOPMENT PROJECT AND PLAN


WHEREAS, under ordinances adopted on December 13, 2000 and published in the Journal of the Proceedings of the City Council of the City of Chicago for such date (the "Journal of Proceedings") at pages 47782-47996, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seq., as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved a redevelopment plan and project ("Redevelopment Plan") for a portion of the City known as the "Lake Calumet Area Industrial Tax Increment Financing Redevelopment Project Area" (the "Redevelopment Project Area"); (ii) designated the Redevelopment Project Area as a "redevelopment project area" within the requirements ofthe Act; and (iii) adopted tax increment financing for the Redevelopment Project Area; and

WHEREAS, the Redevelopment Plan was amended ("Amendment No. 1") on November 13, 2002 by the Corporate Authorities at pages 97134-97137 in the Journal of Proceedings for that date to change the land use for one parcel within the Redevelopment Project Area; and

WHEREAS, the Redevelopment Plan, as amended by Amendment No. 1, was amended ("Amendment No. 2") on November 19, 2008 by the Corporate Authorities at pages 48381-48480 in the Journal of Proceedings for that date to remove 30 PINs from the Redevelopment Plan and the Redevelopment Project Area (the Redevelopment Plan, Amendment No. 1 and Amendment No. 2 are collectively referred to herein as the "Amended Plan," and the Redevelopment Project Area, as amended by Amendments No. 1 and No. 2, is referred to herein as the "Amended RPA"); and

WHEREAS, the City desires to amend the Amended Plan and to decrease the size of the Amended RPA by adopting "Lake Calumet Area Industrial Tax Increment Financing Redevelopment Project Area, Amendment No. 3,...