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Record #: SO2019-626   
Type: Ordinance Status: Passed
Intro date: 1/23/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 3/13/2019
Title: Acquisition of properties at 4815 N Magnolia St, 4816 North Broadway, 1200 W Lawrence Ave and 1130 W Lawrence Ave and redevelopment agreement with Uptown Theatre Owner LLC, Uptown Theatre Foundation, Inc., and Uptown Theatre Development LLC for renovation of Uptown Theatre
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. SO2019-626.pdf, 2. O2019-626.pdf

WHEREAS, pursuant to ordinances adopted on June 27, 2001, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 62216 to 62340, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seq., as amended (the "Act"), the City Council 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 "Lawrence/Broadway Redevelopment Project Area" (the "Area") (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, the "TIF Ordinances"); and
WHEREAS, Uptown Theatre Owner, LLC, a Delaware limited liability company (the "Owner"), intends to purchase certain property located within the Area at 4816 North Broadway, Chicago, Illinois, and shall commence and complete the rehabilitation of the historic Uptown Theatre into a 4,000-seat (reserved) or 5,800-seat (general admission) venue (the "Theatre") with ancillary retail components (collectively, including related improvements, the "Project"), which will be leased and operated by Uptown Theatre Foundation, Inc., an Illinois not-for-profit corporation (the "Foundation" and together with the Owner and with Uptown Theatre Development, LLC, a Delaware limited liability company ("UTD"), the "Developer"); and

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, in the form attached hereto as Exhibit A, to be executed by the Developer and the City, including but not limited to the completion of the Project, to be financed in part by incremental taxes, if any, deposited in the Lawr...

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