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Record #: O2018-9041   
Type: Ordinance Status: Passed
Intro date: 11/14/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 12/12/2018
Title: Termination of Drexel Boulevard Tax Increment Financing District plan
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - Drexel Boulevard T.I.F.
Attachments: 1. O2018-9041.pdf


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.

Mayor


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 Drexel Boulevard Redevelopment Project Area.

02018-9041













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 (awva voce vote")
of members of the committee with dissenting vote(s)T ¦—


Respectfully submitted|1010|
(signed^^ H^j^—

Chairman
Document No.




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

WHEREAS, 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 seq. (the "Act") on July 10, 2002: (1) approving a tax increment redevelopment project and plan for the Drexel Boulevard 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, pursuant to Section 8 of the Act, when redevelopment projects costs for a redevelopment project area, including without limitation all municipal obligations financing redevelopment project costs incurred under the Act, have been paid, all surplus funds then remaining in the special tax allocation fund for a redevelopment project area designated under the Act shall be distributed by being paid by the municipal treasurer to the State of Il...

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