Office of the City Clerk - Record #: O2020-1543

• Record #: O2020-1543
• Type: Ordinance
• Status: Passed
• Intro date: 2/19/2020
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/24/2020
• Title: Sale of City-owned property at 3518 and 3520 S Halsted St to and execution of redevelopment agreement with Our Revival Chicago LLC for restoration of Ramova Theater
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Redevelopment, - PROPERTY - Sale

Date	Journal Page Number	Action By	Action	Result
4/24/2020	15232	City Council	Passed	Pass
3/12/2020		Committee on Finance	Recommended to Pass
2/19/2020	13939	City Council	Referred

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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 ofthe Commissioner of Planning and Development, I transmit herewith an ordinance authorizing the execution of a redevelopment agreement for the Ramova Theater.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours,

ORDINANCE

WHEREAS, the City ofChicago (the "City") is a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois; and

WHEREAS, pursuant to an ordinance adopted by the City Council (the "City Council") ofthe City of Chicago (the "City") on January 14, 1997 and published at pages 36945-37308 of the Journal ofthe Proceedings ofthe City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Plan") for the 35th/Halsted redevelopment project area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act"); and

WHEREAS, pursuantto an ordinance adopted by the City Council on January 14,1997 and published at pages 37308-37315 of the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuantto an ordinance adopted by the City Council on January 14,1997 and published at pages 37315-37322 of the Journal of such date, and amended pursuant to an ordinance adopted by the City Council on May 5, 2004 and published at pages 22456-22468 ofthe Journal of such date (collectively, the "TIF Ordinance"), tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and
WHEREAS, pursuant to Section 5/11-74.4-8(b) of the Act and the TIF Ordinance, incremental taxes ("Incremental Taxes") are deposited...