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Record #: F2018-60   
Type: Communication Status: Placed on File
Intro date: 11/14/2018 Current Controlling Legislative Body:
Final action:
Title: Executive Order No. 2018-3 (Developer Requirements Concerning Redevelopment Agreements Involving Tax Increment Financing (TIF) Funds)
Sponsors: Emanuel, Rahm
Attachments: 1. F2018-60.pdf, 2. F2018-60 (V1).pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR




November 7,2018

Anna Valencia City Clerk Room 107, City Hall Chicago, IL 60602
Dear Ms. Valencia:
1 transmit herewith for filing Executive Order No. 2018-3, which 1 have signed this date. Your prompt attention to this matter is appreciated.

Mayor
Sincerely,










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Executive Order No. 2018-3

WHEREAS, Illinois law created tax increment financing ("TIF") as a way to encourage economic growth in blighted, decaying, and underperforming areas in need of development or redevelopment; and

WHEREAS, the City of Chicago seeks to use this valuable and important financial tool carefully, by allocating TIF funds to projects, and in geographic areas, where the dollars invested will reap the greatest rewards for the community, and the City as a whole; and

WHEREAS, in order to efficiently and effectively use TIF, the City needs to be able to rely on plans that are proposed, and representations that are made, by potential recipients of TIF funds, both on their own behalf and in connection with potential tenants and other partners envisioned to participate in TIF projects; and

WHEREAS, it is essential that the City be able to rely on all participants in our TIF transactions to act in good faith, to carry through on the representations they make, to behave as good corporate citizens in all neighborhoods ofthe City, and to demonstrate, through their stated commitments and actions, that they have the well-being ofthe communities in which they transact business as well as the entirety ofthe City in mind; and

WHEREAS, in order to better guard against a lack of good-faith commitment and actions by outside parties to the City's detriment, it is important to put in place additional requirements and protections to ensure that the City's TIF dollars are used for the greatest benefit to all the neighborhoods of the City, according to the City's plans, and are only provided to those who have a genuine and longstandin...

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