ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on January 12, 2000, a certain redevelopment plan and project (the "Original Redevelopment Plan") for the Belmont/Cicero Redevelopment Allocation Project Area (the "Belmont/Cicero Area") was approved pursuant to the Illinois Tax Increment 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 on January 12, 2000, the Belmont/Cicero Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance adopted by the City Council on January 12, 2000 (the "Belmont/Cicero TIF Ordinance"), tax increment allocation financing was adopted pursuant to the Act as a means of financing certain redevelopment project costs, as defined in the Act, incurred pursuant to the Belmont/Cicero Plan and Project, and such ordinance directed that the allocation of ad valorem taxes arising from levies by taxing districts upon the taxable real property in the Belmont/Cicero Area and tax rates be divided in accordance with the Act and as described in the Belmont/Cicero TIF Ordinance; and
WHEREAS, the Original Redevelopment Plan was revised by ordinances adopted on October 29, 1999, January 6, 2000, May 14, 2008, and June 30, 2014 pursuant to Section 5/11-74/4-4 of the Act, and amended by ordinances adopted on May 5, 2011 and May 1, 2015 (the "Amendments"); and
WHEREAS, the Original Redevelopment Plan, as revised and amended by the Amendments, is referred to hereinafter as the "Belmont/Cicero Plan and Project"; and
WHEREAS, Innovative Markets, Inc. (the "Developer"), plans to redevelop real property located within the Belmont/Cicero Area commonly known as 3631-57 North Central Avenue and 5547-57 West Waveland Avenue, Chicago, Illinois 60644 (the "Property") and shall commence and complete construction of a four-story building to provide approxi...
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