Office of the City Clerk - Record #: SO2019-7304

• Record #: SO2019-7304
• Type: Ordinance
• Status: Passed
• Intro date: 9/18/2019
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 4/24/2020
• Title: Designation of portion(s) of E 95th St as tax increment financing (TIF) district and approval of tax allocation financing for redevelopment projects
• Sponsors: Beale, Anthony
• Topic: TAX INCREMENT FINANCING DISTRICTS - 95th St/State T.I.F. - Miscellaneous

Date	Journal Page Number	Action By	Action	Result
4/24/2020	15352	City Council	Passed as Substitute	Pass
3/10/2020		Committee on Economic, Capital and Technology Development	Recommended to Pass
3/10/2020		Committee on Economic, Capital and Technology Development	Substituted in Committee
9/18/2019	6706	City Council	Referred

SUBSTITUTE OB DIN ANGE

WHEREAS, The Illinois Tax Increment Allocation Redevelopment Act, 65 ILGS 5/11-74.4-1, et seq., as amended, authorizes the City of Chicago, Illinois to designate areas as tax increment financing districts and to implementlax allocation financing for redevelopment projects, subject to certain preconditions and processes; now, therefore,

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

SECTION 1.  The above recital is incorporated herein and made a part hereof.

SECTION 2. The Department of Planning and Development shall consider whether the following area shall be designated as a tax increment financing district: the north and south sides of 95^Ul Street, as bounded South State Street on the west and South Cottage Grove Avenue on the east.

SECTION 3.  The Department of Planning and Development is authorized and directed to prepare an acquisition map in the event that creation of such tax increment financing district requires the exercise of eminent domairn

SECTION 4. This ordinance shall be in full force: and effect following due passage and publication.

Alderman, 9th Ward