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Record #: O2018-9040   
Type: Ordinance Status: Passed
Intro date: 11/14/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 12/12/2018
Title: Termination of Calumet/Cermak Rd Tax Increment Financing District Plan
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - Calumet/Cermak T.I.F.
Attachments: 1. O2018-9040.pdf
RN.


OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
November 14, 2018










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith ordinances authorizing the termination of various TIF areas.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours,


CHICAGO December 12. 2018


To the President and Members of the City Council:

Your Committee on Finance having had under consideration an ordinance authorizing the termination of the Calumet/Cermak Redevelopment Project Area.
02018-9040














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 (viva voce vote")
of members of the committee with dissenting vote(s):



Respectfully submitted
(signed|1010|
Chairman
Document No.




REPORT OF THE COMMITTEE ON FINANCE TO TH E CITY COUNCIL CITY OF CHICAGO
ORDINANCE

WHEREAS, the City Council (the "City Council") of the' City of Chicago (the "City") adopted ordinances in accordance with the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg. (the "Act") on July 29, 1998: (1) approving a tax increment redevelopment project and plan for the Calumet/Cermak Redevelopment Project Area (the "Area"); (2) designating the Area as a tax increment financing district; and (3) adopting tax increment allocation financing for the Area; and

WHEREAS, the City Council adopted an ordinance on November 17, 2010 repealing the designation of the Area as a redevelopment project area pursuant to Section 4(r) of the Act (the "Repeal Ordinance"); and

WHEREAS, on March 18, 2011, Illinois Public Act 96-1555 ("PA 96-1555") became law;
and

WHEREAS, PA 96-1555 amended Section 4(r) of the Act with respect to the Area (1) extending the date by which a redevelopment project has been in...

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