Share to Facebook Share to Twitter Bookmark and Share
Record #: O2020-908   
Type: Ordinance Status: Passed
Intro date: 2/19/2020 Current Controlling Legislative Body: Committee on Finance
Final action: 4/24/2020
Title: Amendment No. 1 to Clark/Montrose Tax Increment Financing (TIF) Plan - statutory conformity
Sponsors: Lightfoot, Lori E.
Topic: TAX INCREMENT FINANCING DISTRICTS - Clark/Montrose T.I.F. - Amendment
Attachments: 1. O2020-908.pdf
OFFICE OF THE MAYOR
CITV OF CHICAGO
LORI F 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 July 7, 1999, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 6,341 to 6433, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/1.1-74.4-1 et seg, as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (a) approved a redevelopment plan and project (the "Plan") for a portion of the City known as the "Clark/Montrose Redevelopment Project Area" (the "Area") (the "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 Plan Ordinance and the Designation Ordinance, the "TIF Ordinances"); and

WHEREAS, the Plan established the estimated dates of completion of the 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 of the adoption of the Plan Ordinance, such ultimate retirement date occurring in the year 2022, and the Corporate Authorities made a finding in the Plan Ordinance that such dates were not more than twenty-three (23) years from the date of the adoption of the Designation Ordinance in accordance with the provisions of Section 11-74.4-3(n)(3) of the Act in effect on the date of adoption of the TIF Ordinances; and

WHEREAS, Public Act 91-478 (t...

Click here for full text