Office of the City Clerk - Record #: O2019-1397

• Record #: O2019-1397
• Type: Ordinance
• Status: Passed
• Intro date: 3/13/2019
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/10/2019
• Title: Redevelopment agreement with Sarah's on Sheridan LLC for construction of low income and interim housing units at 1105 W Leland Ave and 4654 N Sheridan Rd
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
4/12/2019		Office of the Mayor	Signed by Mayor
4/10/2019	98405	City Council	Passed	Pass
4/8/2019		Committee on Finance	Recommended to Pass
3/13/2019	95482	City Council	Referred

AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS DESIGNATING SARAH'S ON SHERIDAN, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AS DEVELOPER AND
AUTHORIZING A REDEVELOPMENT AGREEMENT


ORDINANCE

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on June 27, 2001, a certain redevelopment plan and project (the "Original Redevelopment Plan") for the Wilson Yard Redevelopment Project Area (the "Wilson Yard Area") was approved 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 June 27, 2001, the Wilson Yard Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance adopted by the City Council on June 27, 2001 (the "Wilson Yard TIF Ordinance"), tax increment allocation financing was adopted pursuant to the Act as a means of financing certain redevelopment project costs, as defined in the Act, incurred pursuant to the Wilson Yard Plan and Project and directed that the allocation of ad valorem taxes arising from levies by taxing districts upon the taxable real property in the Wilson Yard Area and tax rates be divided in accordance with the Act and as described in the Wilson Yard TIF Ordinance; and

WHEREAS, the Original Redevelopment Plan was amended by ordinances adopted on November 18, 2009 and February 10, 2010 (the "Amendments"); and

WHEREAS, the Original Redevelopment Plan, as amended by the Amendments, is referred to hereinafter as the "Wilson Yard Plan and Project"; and
WHEREAS, the City has determined that the continuance of a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, Sarah's on Sheridan, LLC, an Illinois limited liability company (the "Developer"), plans to redevelop real property located within the Wilson Yard Area ...