Office of the City Clerk - Record #: O2019-2502

• Record #: O2019-2502
• 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 River South Redevelopment Project Area redevelopment plan
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - River South T.I.F. - Amendment

Date	Journal Page Number	Action By	Action	Result
4/12/2019		Office of the Mayor	Signed by Mayor
4/10/2019	98692	City Council	Passed	Pass
4/10/2019		Committee on Finance	Recommended to Pass
4/8/2019		Committee on Finance	Recommended to Pass
3/13/2019	95485	City Council	Referred

ORDINANCE



WHEREAS, pursuant to ordinances adopted on July 30, 1997, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 49089 to 49206, 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 a redevelopment plan and project (the "Plan") for a portion of the City known as the "River South 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, referred to herein collectively as the "TIF Ordinances"); and

WHEREAS, Pursuant to an ordinance adopted on July 25, 2018 and published in the Journal of Proceedings for such date at pages 81600 - 81603, under the provisions ofthe 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 ofthe citizens ofthe City for the City to amend the Redevelopment Plan and to decrease the Original Area to exclude 376 parcels by adopting "Amendment Number 2 to the River South Redevelopment Project Area Tax Increment Financing Redevelopment Project and Plan," which is attached as Exhibit A ("Amendment No. 2", with (i) the Redevelopment Plan, as amended by Amendment Number 2, defined in this ordinance as the "Amended Plan", and (ii) the Original Area, as amended by Amend...