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This record contains private information, which has been redacted from public viewing.
Record #: O2019-7100   
Type: Ordinance Status: Passed
Intro date: 9/18/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 10/16/2019
Title: Second amendment to redevelopment agreement with Primestor 119 LLC for certain retail and business office space within 119th/I-57 Tax Increment Financing (TIF) Redevelopment Project Area
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2019-7100.pdf
ORDINANCE

WHEREAS, pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1, et seq.) (the "Act"), the City Council (the "City Council") of the City of Chicago (the "City") adopted the following ordinances on November 6, 2002 published at pages 95329 - 95463 of the Journal of the Proceedings of the City Council (the "Journal") for such date: (1) an ordinance approving a certain redevelopment plan and project (the "Original Plan") for the 119th/l-57 Redevelopment Project Area (the "Original Project Area"); (2) an ordinance designating the Original Project Area as a redevelopment project area pursuant to the Act; and (3) an ordinance adopting tax increment allocation financing pursuant to the Act as a means of financing certain redevelopment project costs (as defined in the Act) incurred pursuant to the Original Plan within the Original Project Area; and

WHEREAS, pursuant to an ordinance adopted by the City Council on October 14, 2015, and published at pages 8778 - 9022 ofthe Journal for such date, the City Council approved: (1) the expansion of the boundaries of the Original Project Area and the definition of such expanded area as a redevelopment project area under the Act to be known as the 119th Street/and I-57 Redevelopment Project Area Amendment Number 1 (the "Expanded Area"), and (2) a redevelopment plan and project for the Expanded Area (the "Amended Plan"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on October 14, 2015, and .published at pages 9023 - 9030 of the Journal for such date, the Expanded Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance adopted by the City Council on October 14, 2015, and published at pages 9031 - 9038 of the Journal for such date, 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...

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