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Record #: O2019-9255   
Type: Ordinance Status: Passed
Intro date: 11/26/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 12/18/2019
Title: Termination of Harlem Industrial Park Conservation Tax Increment Financing (TIF) Area
Sponsors: Lightfoot, Lori E.
Topic: TAX INCREMENT FINANCING DISTRICTS - Harlem T.I.F. - Termination
Attachments: 1. O2019-9255.pdf
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OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

November 26, 2019










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinances authorizing the termination of various TIF districts.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours-

ORDINANCE

WHEREAS, the City Council (the "City Council") of the City of Chicago (the "City") adopted ordinances in accordance with the Industrial Jobs Recovery Law, 65 ILCS 5/11-74.6-1 et seg. (the "Act") on March 14, 2007, and published at pages 99277 - 99342 of the Journal of Proceedings of the City Council: (1) approving a tax increment redevelopment project and plan for the Harlem Industrial Park Conservation Area (the "Area"); (2) designating the Area as a redevelopment project area; and (3) adopting tax increment allocation financing for the Area; and

WHEREAS, pursuant to Section 35 of the Act ("Section 35"), when redevelopment projects costs for a redevelopment project area, including without limitation all municipal obligations financing redevelopment project costs incurred under the Act, have been paid, all surplus funds then remaining in the special tax allocation fund for a redevelopment project area designated under the Act shall be distributed by being paid by the municipal treasurer to the municipality and the county collector; first to the municipality in direct proportion to the tax incremental revenue received from the municipality, but not to exceed the total incremental revenue received from the municipality minus any annual surplus distribution of incremental revenue previously made; with any remaining funds to be paid to the county collector who shall immediately distribute that payment to the taxing districts in the redevelopment project area in the same manner and proportion as the most recent distribution by the county coll...

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