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Record #: O2018-8052   
Type: Ordinance Status: Passed
Intro date: 10/31/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 10/31/2018
Title: Redevelopment agreement with 7131 Jeffrey Development LLC and Jeffrey Advisors LLC d.b.a. Shop & Save Market
Sponsors: Burke, Edward M.
Attachments: 1. O2018-8052.pdf
ORDINANCE

WHEREAS, pursuant to ordinances adopted on October 7, 1998, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 78137 to 78242, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et sec-., 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 "71st and Stony Island Redevelopment Project Area" (the "Area") (as amended pursuant to an ordinance adopted by City Council on July 25, 2018 and published in the Journal for such date at pages 81603 to 81606, 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, 7131 Jeffrey Development, LLC, an Illinois limited liability company ("Owner"), has purchased certain property located within the Area at 2101 E. 71 st St, Chicago, Illinois and shall commence and complete construction and rehabilitation thereon of a retail shopping center known as Jeffery Plaza shopping center (the "Facility", and collectively with the related improvements, the "Project"), containing approximately 113,300 square feet of retail space, including an approximately 62,000 square foot grocery store space to be occupied by Shop & Save Market and operated by Jeffrey Advisors LLC, an Illinois limited liability company ("JAL" and together with Owner, collectively, the "Developer"), and on-site parking spaces;

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 ...

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