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This record contains private information, which has been redacted from public viewing.
Record #: SO2019-1050   
Type: Ordinance Status: Passed
Intro date: 1/23/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 3/13/2019
Title: Redevelopment agreement with New Congress LLC and Arthur 7159 LLC for rehabilitation of Congress Theater and construction of residential units at 2117-2139 N Rockwell Ave, 2115-2139 N Milwaukee Ave, 2149-2163 N Milwaukee Ave and 2120-2132 N Rockwell St
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Redevelopment
Attachments: 1. SO2019-1050.pdf, 2. O2019-1050.pdf
SUBSTITUTE

AN ORDINANCE

DESIGNATING NEW CONGRESS, LLC, AND ARTHUR 7159 LLC, COLLECTIVELY, AS DEVELOPER, AUTHORIZING A REDEVELOPMENT AGREEMENT, THE ISSUANCE OF TWO CITY NOTES AND PAYMENT OF CERTAIN INCREMENTAL TAXES

ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on February 16, 2000 and published at pages 25063 through 25162, inclusive, of the Journal of the Proceedings of the City Council (the "Journal") of such date, as amended, a certain redevelopment plan and project (the "Plan") for the Fullerton/Milwaukee Redevelopment Project Area as a Redevelopment Project Area (the "Area") was approved (the "Plan Adoption Ordinance") pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on February 16, 2000 and published at pages 25161 through 25184, inclusive, of the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act (the "Area Designation Ordinance"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on February 16, 2000 and published at pages 25183 through 25205, inclusive, of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan (the "TIF Financing Ordinance" and together with the Plan Adoption Ordinance and the Area Designation Ordinance, the "TIF Ordinance"); and
WHEREAS, to establish modified affordable housing requirements for designated neighborhoods along the Milwaukee corridor in the City adjacent to the Chicago Transit Authority's Blue Line that are experiencing gentrification, the City Council adopted the Milwaukee Corridor ARO Pilot Area Ordinance on October 11, 2017 published at pages 56913 through 56919, inclusive, of the Journal...

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