Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
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 redevelopment plan for River South Redevelopment Project Area
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - River South T.I.F. - Amendment
Attachments: 1. O2019-2502.pdf, 2. O2019-2502 (V1).pdf
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...

Click here for full text