Office of the City Clerk - Record #: O2020-904

• Record #: O2020-904
• Type: Ordinance
• Status: Passed
• Intro date: 2/19/2020
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/24/2020
• Title: Amendment No. 2 to Homan/Arthington Tax Increment Financing (TIF) Plan - statutory conformity
• Sponsors: Lightfoot, Lori E.
• Topic: TAX INCREMENT FINANCING DISTRICTS - Homan/Arthington T.I.F. - Amendment

Date	Journal Page Number	Action By	Action	Result
4/24/2020	15303	City Council	Passed	Pass
3/12/2020		Committee on Finance	Recommended to Pass
2/19/2020	13940	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

February 19, 2020










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 amending various TIF Plans.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours.

ORDINANCE

WHEREAS, pursuant to ordinances adopted on February 5, 1998, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 60833 to 60916, and under the provisions ofthe Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg., as amended (the "Act"), the City Council (the "Corporate Authorities") ofthe City ofChicago (the "City"): (i) approved a redevelopment plan and project (the "Original Plan") for a portion of the City known as the "Homan/Arthington Redevelopment Project Area" (the "Area") (the "Original Plan Ordinance"); (ii) designated the Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance"); and (iii) adopted tax increment financing for the Area (the "TIF Adoption Ordinance" and together with the Original Plan Ordinance, the Designation Ordinance, and the ordinances described in the following paragraph, the "TIF Ordinances"); and

WHEREAS, the Corporate Authorities amended the Original Plan Ordinance pursuant to ordinances adopted on November 19, 2014, and published in the Journal for such date at pages 98387 to 98393 (together with the Original Plan, the "Plan"); and

WHEREAS, the Plan established the estimated dates of completion ofthe redevelopment project described in the Plan and of the retirement of obligations issued to finance redevelopment project costs to be not more than twenty-three (23) years from the date ofthe adoption ofthe Plan Ordinance, such ultimate retirement date occurring in the year 2021, and the Corporate Authoriti...