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This record contains private information, which has been redacted from public viewing.
Record #: O2019-3117   
Type: Ordinance Status: Passed
Intro date: 4/10/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 6/12/2019
Title: Second amendment to Vacant Building Tax Increment Financing (TIF) Neighborhood Purchase and Rehabilitation Program agreement with Neighborhood Housing Services of Chicago, Inc.
Sponsors: Emanuel, Rahm
Topic: FINANCE FUNDS - Miscellaneous
Attachments: 1. O2019-3117 (V1).pdf, 2. O2019-3117.pdf
ORDINANCE

WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg., as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and

WHEREAS, by an ordinance adopted by the City Council on May 4, 2011, and published in the Journal of Proceedings of the City Council (the "Journal") for said, date at pages 117057 to 117064, inclusive (the "Establishment Ordinance"), the City authorized the Commissioner of the Department of Planning and Development ("DPD") to develop a "Vacant Building TIF Purchase and Rehabilitation Program" ("Program") to assist in the stabilization of neighborhoods and the City's housing market by providing assistance for the purchase and rehabilitation of vacant housing; and

WHEREAS, in accordance with the Establishment Ordinance and pursuant to an ordinance adopted by the City Council of the City on March 14, 2012 and published in the Journal for said date at pages 21748 to 21775, inclusive, the City entered into an agreement on April 12,2012 with NHS (the "NHS Program Agreement") under which NHS performs certain administrative services for the Program for single-family homes ("SFH Program") in the Chicago/Central Park redevelopment project area; and

WHEREAS, pursuant to an ordinance adopted by the City Council of the City on July 24, 2013 and published in the Journal for said date at pages 57346 to 57350, inclusive, the City and NHS executed the First Amendment to the NHS Program Agreement to reflect that allowable closing costs under the SFH Program relate to the overall project costs of each individual project in order to enhance the successful implementation of the SFH Program; and

WHERE...

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