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This record contains private information, which has been redacted from public viewing.
Record #: SO2019-2574   
Type: Ordinance Status: Passed
Intro date: 3/13/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 4/10/2019
Title: Redevelopment agreement with Roosevelt/Clark Partners LLC on vacant land bounded by S Clark St, W Roosevelt Rd, Chicago River and W 18th St for infrastructure and mixed use development project to be known as "The 78"
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. SO2019-2574.pdf, 2. SO2019-2574 (V1).pdf, 3. O2019-2574.pdf
SUBSTITUTE ORDINANCE AS AMENDED

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") in April 2019 a certain redevelopment plan and project (the "Plan") for the Roosevelt/Clark Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council in April 2019, the Area will have been designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council in April 2019, tax increment allocation financing will have been adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and

WHEREAS, Roosevelt/Clark Partners, LLC, a Delaware limited liability company (the "Developer") has acquired and intends to develop the vacant land located west of Clark Street, south of Roosevelt Road, east of the Chicago River, and north of 18th Street into a mixed use development to be known as The 78. In connection with its implementation of The 78 mixed use development, Developer plans to undertake substantial infrastructure improvements. The implementation of the mixed use development and these related infrastructure improvements are referred to as the "Project"; and
WHEREAS, the Developer proposes to undertake the Project in accordance with the Plan and pursuant to the terms and conditions of a proposed redevelopment agreement to be executed by the Developer and the City, including but not limited to the completion ofthe Project, to be financed in part by Incremental Taxes, if any; and

WHEREAS, pursuant to Resolution 19-CDC-5 (the "Resolution") adopted by the Community Development Commission of the City (the "Commission") on February 5, 2019, the Commission recommended that the Develo...

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