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This record contains private information, which has been redacted from public viewing.
Record #: O2020-2695   
Type: Ordinance Status: Passed
Intro date: 5/20/2020 Current Controlling Legislative Body: Committee on Finance
Final action: 5/20/2020
Title: Redevelopment agreement with Portage Park Capital LLC for mixed-use commercial development at 3611-3657 N Central Ave
Sponsors: Dept./Agency
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2020-2695.pdf
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS DESIGNATING
PORTAGE PARK CAPITAL, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY
AS DEVELOPER AND
AUTHORIZING A REDEVELOPMENT AGREEMENT

ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on January 12, 2000 and published at pages 22590 to 22710 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Original Belmont/Central Plan and Project") for the Belmont/Central Redevelopment Project Area (the "Belmont/Central Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11 -74.4-1 et sea.) (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on January 12, 2000 and published at pages 22709 to 22725 of the Journal of such date, the Belmont/Central Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant to an ordinance adopted by the City Council on January 12, 2000 (the "Belmont/Central TIF Ordinance") and published at pages 22724 to 22740 of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain redevelopment project costs, as defined in the Act, incurred pursuant to the Belmont/Central Plan and Project (as defined herein) and directed that the allocation of ad valorem taxes arising from levies by taxing districts upon the taxable real property in the Belmont/Central Area and tax rates be divided in accordance with the Act and as described in the Belmont/Central TIF Ordinance; and
WHEREAS, the Original Belmont/Central Plan and Project has been amended by ordinances adopted on May 17, 2000 (the "Revised Plan"), July 6, 2011 (the "First Amendment") and October 14, 2015 (the "Second Amendment"); and
WHEREAS, the Original Belmont/Central Plan and Project, as amended by the Revised Plan, the First...

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