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Record #: O2019-2544   
Type: Ordinance Status: Passed
Intro date: 3/13/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 4/10/2019
Title: Adoption of Tax Increment Allocation Financing (TIF) for Roosevelt/Clark Redevelopment Project Area
Sponsors: Emanuel, Rahm
Topic: TAX INCREMENT FINANCING DISTRICTS - Roosevelt/Clark T.I.F. - Adoption
Attachments: 1. O2019-2544.pdf, 2. O2019-2544 (V1).pdf
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR THE ROOSEVELT/CLARK REDEVELOPMENT PROJECT AREA

WHEREAS, it is desirable and in the best interest of the citizens of the City of Chicago, Illinois (the "City") for the City to implement tax increment allocation financing ("Tax Increment Allocation Financing") pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seg., as amended (the "Act"), for a proposed redevelopment project area to be known as the Roosevelt/Clark Redevelopment Project Area (the "Area") described in Section 2 of this ordinance, to be redeveloped pursuant to a proposed redevelopment plan and project (the "Plan"); and

WHEREAS, the Community Development Commission of the City has forwarded to the City Council of the City ("City Council") a copy of its Resolution 19-CDC-4, recommending to the City Council the adoption of Tax Increment Allocation Financing for the Area, among other things; and
WHEREAS, as required by the Act, the City has heretofore approved the Plan, which was identified in AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS, APPROVING A REDEVELOPMENT PLAN FOR THE ROOSEVELT/CLARK REDEVELOPMENT PROJECT AREA and has heretofore designated the Area as a redevelopment project area by passage of AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS, DESIGNATING THE ROOSEVELT/CLARK REDEVELOPMENT PROJECT AREA AS A REDEVELOPMENT PROJECT AREA PURSUANT TO THE TAX INCREMENT ALLOCATION REDEVELOPMENT ACT and has otherwise complied with all other conditions precedent required by the Act; now, therefore,

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

Section 1. Recitals. The above recitals are incorporated herein and made a part hereof.

Section 2. Tax Increment Allocation Financing Adopted. Tax Increment Allocation Financing is hereby adopted pursuant to Section 5/11-74.4-8 of the Act to finance redevelopment project costs as defined in the Act and as set forth in th...

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