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This record contains private information, which has been redacted from public viewing.
Record #: O2019-2145   
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 redevelopment plan for North Branch (South) Redevelopment Project Area
Sponsors: Emanuel, Rahm
Attachments: 1. O2019-2145.pdf, 2. O2019-2145 (V1).pdf

WHEREAS, Under ordinances adopted on February 5, 1998 and published in the Journal of the Proceedings of the City Council of the City of Chicago for such date (the "Journal of Proceedings") at pages 61070 - 61203, 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 (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved an ordinance approving a redevelopment plan and project (the "Redevelopment Plan") for a portion of the City known as the "North Branch (South) Redevelopment Project Area" (such ordinance being defined in this ordinance as the "Plan Ordinance", and such area as described in the Plan Ordinance being defined in this ordinance as the "Original Area"); (ii) approved an ordinance designating the Original Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance"); and, (iii) approved an ordinance adopting tax increment financing for the Original Area (the "TIF Adoption Ordinance") (the Plan Ordinance, the Designation Ordinance, and the TIF Adoption Ordinance are collectively defined in this ordinance as the "North Branch (South) TIF Ordinances"); and

WHEREAS, Pursuant to an ordinance adopted on July 25, 2018and published in the Journal of Proceedings for such date at pages 81597 - 81600, under the provisions of the Act, the Corporate Authorities approved Amendment Number 1 to the Redevelopment Plan ("Amendment Number 1") conforming the estimated dates of completion ofthe redevelopment project and ofthe retirement of obligations issued to finance redevelopment project costs set forth in the Redevelopment Plan, to the provisions of Section 11-74.4-3(n)(3) of the Act; and

WHEREAS, It is desirable and in the best interest of the citizens of the City for the City to amend the Redevelopment Plan and to decrease the Original Area to exclude 183 parcels by adopting "Amendment Number 2 to the...

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