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Record #: O2019-1405   
Type: Ordinance Status: Passed
Intro date: 3/13/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 4/10/2019
Title: Second Amendment to Bryn Mawr/Broadway Tax Increment Financing (TIF) District Plan regarding estimated dates of completion and retirement of debt obligation
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - Bryn Mawr/Broadway T.I.F. - Amendment
Attachments: 1. O2019-1405.pdf, 2. O2019-1405 (V1).pdf
ORDINANCE


WHEREAS, pursuant to ordinances adopted on December 11,1996, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 35413 to 35511, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seg., as amended (the "Act"), the City Council (the "Corporate Authorities") ofthe City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Original Plan") for a portion of the City known as the "Bryn Mawr/Broadway Redevelopment Project Area" (the "Original Area") (the "Plan Ordinance"); (ii) designated the Original Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance"); and (iii) adopted tax increment financing for the Original Area (the "TIF Adoption Ordinance," and together with the Plan Ordinance and the Designation Ordinance, all as amended, referred to herein collectively as the "TIF Ordinances"); and

WHEREAS, pursuant to an ordinance adopted on November 30,2016, and published in the Journal for such date at pages 38807 to 38852 (the "Amendment Ordinance"), the Corporate Authorities approved Amendment No. 1 to the Original Plan to amend the boundaries ofthe Original Area (the Original Area, as amended, shall be referred to herein as the "Area," and the Original Plan, as amended, shall be referred to herein as the "Plan"); and
WHEREAS, the Plan established the estimated dates of completion of the redevelopment project described in the Plan and ofthe retirement of obligations issued to finance redevelopment project costs to be December 11, 2019, which date is not more than twenty-three (23) years from the date of the adoption of the Designation Ordinance, and the Corporate Authorities made a finding in the Plan Ordinance that such date was not more than twenty-three (23) years from the date of the adoption of the Designation Ordinance in accordance with the provisions of Section 1...

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