Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
Record #: O2020-3939   
Type: Ordinance Status: Passed
Intro date: 7/22/2020 Current Controlling Legislative Body: Committee on Budget and Government Operations
Final action: 9/9/2020
Title: Authorization for Redevelopment agreement with Little Village Business Incubator LLC granting Neighborhood Opportunity Funds for Xquina Business Incubator
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment, - FINANCE FUNDS - Neighborhoods Opportunity Fund
Attachments: 1. O2020-3939.pdf


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

July 22, 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 expenditure of Neighborhood Opportunity Funds for Xquina Business Incubator.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours.

ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Article VII, Section 6(a) of the Constitution of the State of Illinois, and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the City is authorized under its home rule powers to regulate the use and development of land; and
WHEREAS, Chapter 16-14-010 et seg. of the Municipal Code of Chicago (the "Code") contains the Neighborhood Opportunity Fund Ordinance (the "NOF Ordinance") establishing the Neighborhood Opportunity Fund (the "NOF"); and
WHEREAS, the purpose of the NOF is to (a) promote growth within the downtown area through the floor area bonus provisions of Section 17-4-1000 of the Code, and simultaneously generate new revenues for investment in business development and job growth in neighborhoods impacted by poverty, high unemployment, and other indicators of economic deprivation; (b) strengthen neighborhood commercial corridors in qualified investment areas; and (c) address the decline of private investment in qualified investment areas that damages the City's overall economic competitiveness, impedes the sustainable and equitable development of the City as a whole, contributes to inequality and poverty, and has a detrimental effect on the City's quality of life; and
WHEREAS, the NOF shall be used for projects located in or directly benefiting qualified investment areas, as indicated on a map published by the Commissioner (t...

Click here for full text