Record #: O2018-9043   
Type: Ordinance Status: Passed
Intro date: 11/14/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 12/12/2018
Title: Termination of Ravenswood Corridor Tax Increment Financing District Plan
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - Ravenswood Corridor T.I.F.
Attachments: 1. O2018-9043.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 of the 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 An ordinance

authorizing the termination of the Ravenswood Corridor Redevelopment Project Area.

 

02018-9043

 

 

 

 

 

 

 

 

 

 

 

 

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)T                     

 

 

Respectfully submitted

7 j

 

(signedK-^

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 March 9, 2005: (1) approving a tax increment redevelopment project and plan for the Ravenswood Corridor 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 Illinois Department of Revenue, the municipality and the county collector; first to the Department of Revenue and the municipality in direct proportion to the tax incremental revenue received from the State of Illinois and the municipality, but not to exceed the total incremental revenue received from the State or the municipality less any annual surplus distribution of incremental revenue previously made; with any remaining funds to be paid to the county collector who shall immediately thereafter pay said funds to the taxing districts in the redevelopment project area in the same manner and proportion as the most recent distribution by the county collector to the affected districts of real property taxes from real property in the redevelopment project area; and

 

WHEREAS, furthermore, pursuant to Section 8 of the Act, upon the payment of all redevelopment project costs, the retirement of obligations, the distribution of any excess monies pursuant to Section 8 of the Act, and final closing of the books and records of the redevelopment project area, the municipality shall adopt an ordinance dissolving the special tax allocation fund for the redevelopment project area and terminating the designation of the redevelopment project area as a redevelopment project area under the Act; and

 

WHEREAS, furthermore, pursuant to Section 8 of the Act, municipalities shall notify affected taxing districts prior to November 1 if a redevelopment project area is to be terminated by December 31 of that same year; and

 

WHEREAS, the City has, prior to November 1, 2018, notified the affected taxing districts of the proposed termination of the Area as a redevelopment project area, in accordance with the provisions of the Act; and

 

WHEREAS, with respect to the Area, by December 31, 2018 all redevelopment projects for which redevelopment project costs have been paid or incurred shall be completed, all obligations relating thereto shall be paid and retired, and, subject to Section 3 of this Ordinance, all excess monies, if any, shall be distributed; and

 

WHEREAS, subject to Section 3 of this Ordinance, the City shall accomplish the final closing of the books and records of the Area; and

WHEREAS, in accordance with the provisions of Section 8 of the Act, the City desires to dissolve the special tax allocation fund for the Area (the "Special Fund") and terminate the

 

 

designation of the Area as a redevelopment project area as of December 31, 2018; now, therefore,

 

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

 

Section 1.     The above recitals are incorporated herein and made a part hereof.

 

Section 2. The designation of the Area legally described on Exhibit A attached hereto and otherwise depicted on Exhibit B attached hereto shall be terminated as of December 31, 2018. The list of parcels comprising the Area is attached hereto as Exhibit C.

Section 3. Notwithstanding Section 2 hereof, it is anticipated that the City will continue to receive incremental property taxes for assessment year 2017/collection year 2018. Accordingly, although the designation of the Area is repealed by Section 2 hereof, the City will continue to maintain the Special Fund for the limited purpose of receiving any remaining incremental property taxes for assessment year 2017/collection year 2018. Pursuant to the Act, upon receipt of such taxes, the City shall calculate and declare surplus revenue, and shall return surplus revenue to the Cook County Treasurer in a timely manner for redistribution to the local taxing districts that overlap the Area. Thereupon, the Special Fund shall be considered to be dissolved.

 

Section 4. The method of calculating and allocating property tax increment by the County of Cook pursuant to the Act for the parcels listed on Exhibit C shall be terminated from and after December 31, 2018.

Section 5. The Commissioner of the Department of Planning and Development (the "Commissioner"), or a designee thereof, is authorized to execute any documents and take any steps necessary to terminate the designation of the Area pursuant to this Ordinance and the Act on behalf of the City, and the previous execution of any documents and the previous taking of any steps necessary to terminate the designation of the Area pursuant to the Act by the Commissioner, or a designee thereof, on behalf of the City are hereby ratified.

 

Section 6.     This Ordinance shall be in full force and effect upon its passage.

 

Section 7. If any section, paragraph, clause or provision of this Ordinance shall be held invalid, the invalidity of section, paragraph, clause or provision shall not affect any of the other provisions of this Ordinance.

 

Section 8. All ordinances (including but not limited to the three ordinances identified in the first recital hereof), resolutions or orders, or parts thereof, in conflict with the provisions of this Ordinance are hereby repealed to the extent of their conflict.

 

Approved

Approved

 

Mayor

Corporation Counsel:

 

DATED

 

DATED:   f ^ / fl

 

 

Exhibit A Area Description

 

 

All that part of the east half of the northwest quarter and the east half of Section 18, Township 40 North, Range 14 East ofthe Third Principal Meridian, bounded and described as follows:

 

beginning at the point of intersection ofthe south line of West Cullom Avenue with the east line of North Ravenswood Avenue as said North Ravenswood Avenue is opened and laid out in the east half of the southeast quarter of Section 18, Township 40 North, Range 14 East of the Third Principal Meridian, said point of intersection being also the northwest corner of Lot 6 in the subdivision of Lots 23 and 24 of Block 29 in Ravenswood Subdivision, being a subdivision of Sections 17 and 18 in Township 38 North, Range 14 East ofthe Third Principal Meridian; thence south along said east line of North Ravenswood Avenue to the south line of said Lot 6 in the subdivision of Lots 23 and 24 of Block 29 in Ravenswood Subdivision; thence east along the south line of said Lot 6 and along the south line of Lots 5, 4, 3, 2 and 1 in said subdivision of Lots 23 and 24 of Block 29 in Ravenswood Subdivision and along the easterly extension thereof to the west line of Lots 2 and 3 in said Block 29 of Ravenswood Subdivision, said west line of Lots 2 and 3 being also the east line of the alley east of aforesaid North Ravenswood Avenue; thence south along said east line of the alley east of North Ravenswood Avenue to the easterly extension of the north line ofthe parcel of property bearing Permanent Index Number 14-18-420-031, said north line being 79 feet, more or less, north of the north line of West Irving Park Road at the east line of Lot 24 in Albert Sulzer's Subdivision of Lots 1 to 11, both inclusive, ofthe subdivision of Lots 9 and 10 (except the north 169.25 feet of Lot 10) of Belle Plaine, a subdivision in the southeast quarter of Section 18, Township 40 North, Range 14 East ofthe Third Principal Meridian; thence west along said easterly extension and along the north line of the parcel of property bearing Permanent Index Number 14-18-420-031 to the west line of Lot 19 in said Albert Sulzer's Subdivision, said west line of Lot 19 being also the east line of North Ravenswood Avenue; thence south along said east line of North Ravenswood Avenue and along the southerly extension thereof to the south line of the east half of the southeast quarter of Section 18, Township 40 North, Range 14 East ofthe Third Principal Meridian, said south line of the east half of the southeast quarter of Section 18 being also the centerline of West Irving Park Road; thence west along said centerline of West Irving Park Road to the southerly extension of the east line of North West Ravenswood Avenue as said North West Ravenswood Avenue is opened and laid out in the west half ofthe southeast quarter of Section 18, Township 40 North, Range 14 East ofthe Third Principal Meridian, said east line of North West Ravenswood Avenue being also the west line of the Chicago and Northwestern Railroad right-of-way; thence north along said southerly extension and the east line of North West Ravenswood Avenue to the easterly extension of the north line of the alley lying north of and adjoining Lots 22 through 42, both inclusive, in Block 4 of Cuyler's Addition to Ravenswood, a subdivision in the southwest

 

 

 

quarter ofthe southeast quarter of Section 18, Township 40 North, Range 14 East ofthe Third Principal Meridian; thence west along said easterly extension to the west line of North West Ravenswood Avenue, as said North West Ravenswood Avenue is opened and laid out in the west half of the southeast quarter of Section 18, Township 40 North, Range 14 East of the Third Principal Meridian; thence north along said west line of North West Ravenswood Avenue to the south line of West Cuyler Avenue; thence west along said south line of West Cuyler Avenue to the southerly extension of the east line of Lot 34 in Block 3 of said Cuyler's Addition to Ravenswood; thence north along said southerly extension and along the east line of Lot 34 in Block 3 of said Cuyler's Addition to Ravenswood to the north line of said Lot 34, said north line of Lot 34 being also the south line ofthe alley north of West Cuyler Avenue; thence west along said south line ofthe alley north of West Cuyler Avenue to the southerly extension of the east line of the west half of Lot 9 in said Block 3 of Cuyler's Addition to Ravenswood; thence north along said southerly extension and the east line of the west half of Lot 9 in said Block 3 of Cuyler's Addition to Ravenswood and along the northerly extension thereof to the north line of West Belle Plaine Avenue; thence east along said north line of West Belle Plaine Avenue to the east line of Lot 34 in Block 2 of said Cuyler's Addition to Ravenswood; thence north along said east line of Lot 34 in Block 2 of said Cuyler's Addition to Ravenswood to the north line of said Lot 34, said north line of Lot 34 being also the south line ofthe alley north of West Belle Plaine Avenue; thence west along said south line ofthe alley north of West Belle Plaine Avenue to the southerly extension of the east line of the west half of Lot 9 in said Block 2 of Cuyler's Addition to Ravenswood; thence north along said southerly extension and the east line of the west half of Lot 9 in said Block 2 of Cuyler's Addition to Ravenswood and along the northerly extension thereof to the north line of West Warner Avenue; thence east along said north line of West Warner Avenue to the east line of Lot 41 in Block 1 of said Cuyler's Addition to Ravenswood; thence north along said east line of Lot 41 in Block 1 of Cuyler's Addition to Ravenswood to the north line of said Lot 41, said north line of Lot 41 being also the south line of the alley north of West Warner Avenue; thence west along said south line ofthe alley north of West Warner Avenue to the southerly extension of the east line of Lot 9 in said Block 1 of Cuyler's Addition to Ravenswood; thence north along said southerly extension and the east line of Lot 9 in Block 1 of Cuyler's Addition to Ravenswood to the north line of said Lot 9, said north line of Lot 9 being also the south line of West Berteau Avenue; thence west along said south line of West Berteau Avenue to the southerly extension of the east line of Lots 1 through 21, both inclusive, in Block 6 of Foster/Montrose Boulevard Subdivision, a subdivision in the northwest quarter ofthe southeast quarter of Section 18, Township 40 North, Range 14 East of the Third Principal Meridian, said east line of Lots 1 through 21, both inclusive, in Block 6 of Foster/Montrose Boulevard Subdivision being also the west line of North Honore Avenue; thence north along said southerly extension and along the west line of North Honore Avenue to the south line of West Montrose Avenue; thence north along a straight line to the southeast corner of Lot 13 in Block 18 of aforesaid Ravenswood Subdivision, said southeast corner of Lot 13 being also the point of intersection of the north line

 

 

of West Montrose Avenue with the west line of the alley east of North Wolcott Avenue; thence north along said west line of the alley east of North Wolcott Avenue to the north line of Lot 22 in Block 13 of said Ravenswood Subdivision; thence west along said north line of Lot 22 in Block 13 of said Ravenswood Subdivision and along the westerly extension thereof and along the north line of Lot 3 in Block 14 of said Ravenswood Subdivision to the west line of said Lot 3, said west line of Lot 3 being also the east line of the alley west of North Wolcott Avenue; thence south along said east line of the alley west of North Wolcott Avenue and along the southerly extension thereof to the south line of West Sunnyside Avenue; thence west along said south line of West Sunnyside Avenue to the west line of North Darren Avenue; thence north along said west line of North Darren Avenue to the westerly extension of the south line Lot 2 in F. R. Kirkham's Subdivision of Lots 13 to 1 S in Block 4 of Ravenswood Subdivision, said south line of Lot 2 being also the north line of West Wilson Avenue; thence east along said westerly extension and along the north line of West Wilson Avenue to the west line of North Wolcott Avenue; thence north along said west line of North Wolcott Avenue to the westerly extension of the south line of Lot 19 in Block 6 of aforesaid Ravenswood Subdivision; thence east along said westerly extension and the south line of Lot 19 in Block 6 of Ravenswood Subdivision to the east line of said Lot 19, said east line of Lot 19 being also the west line of the alley east of North Wolcott Avenue; thence north along said west line of the alley east of North Wolcott Avenue to the south line of the heretofore vacated alley lying east of and adjoining the east line of Lot 19 in Block 1 of said Ravenswood Subdivision; thence east along said south line of the heretofore vacated alley lying east of and adjoining the east line of Lot 19 in Block 1 of Ravenswood Subdivision to the centerline of said vacated alley; thence north along said centerline of the heretofore vacated alley lying east of and adjoining the east line of Lot 19 in Block 1 of Ravenswood Subdivision to the westerly extension of the south line of Lot 5 in said Block 1 of Ravenswood Subdivision; thence east along westerly extension and the south line of Lot 5 in said Block 1 of Ravenswood Subdivision and along the easterly extension thereof to the east line of North Ravenswood Avenue as said North Ravenswood Avenue is opened and laid out in the east half of the northeast quarter of Section 18, Township 40 North, Range 14 East ofthe Third Principal Meridian; thence north along said east line of North Ravenswood Avenue to the north line of Lot 4 in Snyder's Resubdivision of Lots 17 to 21, both inclusive, of Block 2 of Kedzie's Addition to Ravenswood, a subdivision in the east half of the northeast quarter of Section 18, Township 40 North, Range 14 East ofthe Third Principal Meridian; thence east along said north line of Lot 4 in Snyder's Resubdivision and along the easterly extension thereof to the west line of Lot 5 in Block 2 of aforesaid Kedzie's Addition to Ravenswood, said west line of Lot 5 being also the east line of the alley west of North Hermitage Avenue; thence south along said east.line of the alley west of North Hermitage Avenue to the south line of West Sunnyside Avenue; tnence west along said south line of West Sunnyside Avenue to the east line of the west 90.37 feet of Lot 24 in Block 19 of aforesaid Ravenswood Subdivision, said east line of the west 90.37 feet of Lot 24 being also the east line ofthe parcel of property bearing Permanent Index Number 14-18-221-001; thence south along said east line ofthe parcel of property bearing

 

 

Permanent Index Number 14-18-221-001 to the south line of said Lot 24 in BlocK 19 of Ravenswood Subdivision; thence east along said south line of Lot 24 in Block 19 of Ravenswood Subdivision and along the easterly extension thereof to the west line of Lot S in the subdivision of Lots 1 and 2 in Block 19 of Ravenswood Subdivision, said west line of Lot 5 being also the east line ofthe alley west of North Hermitage Avenue; thence south along said east line of the alley west of North Hermitage Avenue to the easterly extension of the south line of Lot 1 S in Block 24 of aforesaid Ravenswood Subdivision; thence west along said easterly extension and the south line of Lot 15 in Block 24 of Ravenswood Subdivision to the west line of said Lot 15, said west line of Lot 15 being also the east line of North Ravenswood Avenue as said North Ravenswood Avenue is opened and laid out in the east half of the southeast quarter of Section 18, Township 40 North, Range 14 East ofthe Third Principal Meridian; thence south along said North Ravenswood Avenue to the point of beginning at the south line of West Cullom Avenue, all in the City of Chicago, Cook County, Illinois.

 

Exhibit B Area Map

 

Zf

Le and

Zl.

Wilson

 

 

 

 

ZJ

 

Belle Plaine

Cuyler

lrving\Parkf!j*~

 

 

 

 

 

Montrose

ZJ

 

 

Vullom

 

 

 

 

 

'Berteau

 

 

 

L^''*1 Project Area Boundary

|^bm Meaningful Presence of

Deleterious Land Use or Layout

fyyj Limited Presence of Deleterious Land Use or Layout

 

 

 

Figure 10

Deleterious Land Use or Layout

 

 

 

CD

"3

to, o_

 

Chicago, IL

Ravenswood Corridor TIF

fax Increment Financing ft^Jo-'Oloprnenf f

 

Exhibit C List of Parcels within the Area (see attached)

 

 

rm

2003 EAV

1.

14-18-2024264000

168,787.

2.

14-18-2024274000

303.485

3.

14-18-202-O28-O0O0

165.682

4.

14-18-203-028-0000

500,478

5.

I4-18-203-029-O0O0

485,646

6.

14-18-208-006-0000

58,398

7.

14-18-208-007-0000

481,570

8.

14-18-208-008-0000

766,127

9.

14-18-2084094000

206.744

10.

14-18-208-010-0000

281.819

II.

14-18-208-011-0000

553,293

12-

14-18-208-012-0000

724,883

13.

14-18-208-013-O0O0

364,722

14.

14-18-208-014-0000

304^77

15.

14-18-208-015-0000

79,789

16.

14-18-208416-0000

40,380

17.

14-18-208-017-0000

175.689

18.

14-18-208-018-0000

Exempt

19.

14-18-208-019-0000

Exempt

20.

14-18-208-020-0000

Exempt

21.

14-18-208421-0000

Exempt

22.

14-18-209-0014000

240.094

23.

14-18-209-002-0000

389,768

24-

14-18-209-003-0000

100.308

25.

14-18-209-004-0000

743.128

26.

14-18-209-005-0000

249.347

27. .

14-18-209-006-0000 .

278.039

28.

14-18-212-O03-OOO0

459.643

29. •

14-18-212-004-OO00

69,824

30.

14-18-212-005-0000

69.824

31.

14-18-212-006-0000

68,528

32.

14-18-212-014-0000

3,244,516

33.

14-18-212-024-0000

2.030.68S

34.

14-18-212-025-0000

3,067,631

3S.

14-18-212-026-0000

5,951.164

36.

14-18-212-027-0000

1,755,977

37.

14-18-212-028-1001

387,667

38.

14-18-212-028-1002

353,936

39.

14-18-212-028-1003

288,210

 

 

PIN               2O03 EAV

40.

14-18-2134014000

4,839.470

41.

14-18-213-O02-O0O0

4,707,039

42.

14-18-213-003-0000

4.764,057

43.

14-18-2134044000

1,171,130

44.

14-I8-213-O05-0000

1.167,428

45.

14-18-213-006-0000

1,194,088

46.

14-18-213-007-0000

1,192368

47.

14-18-213-008-0000

816.294

48.

14-18-214-001-0000

333,433

49.

14-18-214-002-0000

123,583

50.

14-1W144154000

55.781

51.

14-18-214-016-0000

264,431

52.

14-18-214417-0000

59,355

53.

14-18-2144184000

72^81'

54.

14-18-2144194000 '

42^86

55.

14-18-2144204000

58.762

56.-

14-18-2144234000

199,453

57.

14-18-2144244000

161.166

58.

14-18-2144254000

427,710

59.

14-18-2154014000

455,063

60.

14-18-2154024000 .

238,030

61.

14-18-2154034000

183,811

62.

14-18-2154044000

280,484

63.

14-18-2154054000

116,314

64.

14-18-2154064000

116,314

65.

14-18--2154074000

306,245

66.

14-184154084000

103,941

67.

14-18-2154094000

206/210

68.

14-18-2154254000

253.92S

69.

14-18-2154264000

253,423

70.

14-18-2204124000

307,101

71.

14-18-2204134000

77.029

72.

14-18-2204144000

56.492

73.

14-18-2204154000

56.492

74.

14-18-2204164000

112,984

75.

14-18-2204174000

112.984

76.

14-18-2204184000

402,468

77.

14-18-2204194000

262,030

78.

14-18-2204204000

117,421

 

 

PIN

2003 EAV

79.

14-18-220-021-0000

788,671

80.

14-18-220422-0000

Exempt

81.

14-18-220-0234000

Exempt

82.

14-18-2214014000

101,422

83.

14-18-2214034000

177,728

84.

14-18-2214044000

180,776

85.

14-18-2214054000

57,493

86.

14-18-221406-0000

330,910

87.

14-18-2214074000

330,910

88.

14-18-2214084000

182,687

89.

14-18-2214094000

182,687

90.

14-18-2214284000

362^51

91.

14-18-2214294000

589.651

92.

14-18-4024384000

272,174

93.

14-18-4024414000

335,140

94.

14-18-4024434000

305.957

95.

14-18-4024444000

514,954

96.

14-18-4024494000

43.900

97.

14-18-4024504000

Exempt

98.

14-18-4024514000

Exempt

99.

14-18-4024544000

Exempt

100.

14-18-4024554000

468,491

101.

14-18-4024564000

3,205

102.

14-18-4024574000

39.645

103.

14-18^4034014000

655,170

104.

14-18-4034024000

276^96

105.

14-18-4034034000

302319

106.

14-18-4034044000

366,633

107.

14-18-4034054000

381,525

108.

14-18-4084134000

48,741

109.

14-18-4084144000

99373

UO.

14-18^084154000

167,584

Ul.

14-18-4084164000

344.989

112.

14-18-4084334000

649,267

113.

14-18-4124334000

9,020

114.

14-18-4124344000

463399

115.

14-18-4124354000

Exempt

116.

14-18-4134014000

162^80

117.

14-18-4134024000

312,614

 

 

PIN

2003 EAV

118.

14-18-413.0034000

156,655

119.

14-18-4134044000

156,655

120.

14-18-4134054000

352,903

121.

14-18-4134064000

152,896

122.

14-18-4134344000

227,399

123.

14-18-4134354000

Exempt

124.

14-18-4174174000

367^4

125.

14-18-4174284000

27,668

126.

14-18-4174294000

25,245

127.

14-18-4174304000

109.SS5

128.

14-18-4174314000

173,072

129.

14-18-4174324000

Exempt

130.

14-18-4174334000

239,769

131.

14-18-4174344000

Exempt

132.

14-18-4194114000

25,469

133.

14-18-4194124000

24,566

134.

14-18-4194134000

112,683

135.

14-18-4194144000

112,683

136.

14-18-4194154000

48,849

137.

14-18-4194164000

128,834

138.

14-18-4194304000

68.562

139.

14-18-4194314000

68,562

140.

14-18-4194324000

I26;731

141.

14-18-4194334000

111,599

142.

14-18-4204304000

1,058,090

143.

14-18-4244264000

Exempt

144.

14-18-5004314000

Exempt

145.

14-18-5004344000

Exempt

146.

14-18-5004424000

Exempt

147.

14-18-5004434000

> Exempt

148.

14-18-5004444000

Exempt

149.

14-18-5004514000

Exempt

150.

14-18-5004524000

Exempt

151.

14-18-5004534000

2,772

152.

14-18-5014014000

Railroad

 

Total

$64,466,911

•2003 EAV docs not tike Into aooount values or exempiioni granted meter Cook County homeowner programs for lax yac 2003.