Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
Record #: SO2019-2583   
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 Alloy Property Company LLC and Fleet Portfolio LLC and acquisition of property in area bounded by Webster Ave, Clybourn Ave, North Ave, Elston Ave and Besly Court for infrastructure and mixed use development project to be known as Lincoln Yards
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Redevelopment
Attachments: 1. SO2019-2583.pdf, 2. SO2019-2583 (V1).pdf, 3. O2019-2583.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 Cortland/Chicago River Redevelopment Project Area (the "Area") will have been 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, Alloy Property Company, LLC, a Delaware limited liability company ("Alloy"), and Fleet Portfolio, LLC, a Delaware limited liability company ("Fleet" and together with Alloy, the "Developer"), has acquired or will acquire and intends to develop the land located south of Webster Avenue, west of Clybourn Avenue, north of North Avenue, and east of Elston Avenue and Besly Court into a mixed use development to be known as Lincoln Yards. In connection with its implementation of the Lincoln Yards 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 Resolutio...

Click here for full text