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Record #: O2020-4505   
Type: Ordinance Status: Introduced
Intro date: 9/9/2020 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Amendment of Municipal Code Chapter 2-45 by adding new Section 2-45-156 regarding annual reporting on tax increment financing portability
Sponsors: Cardenas, George A.
Topic: MUNICIPAL CODE AMENDMENTS - Title 2 - City Government & Administration - Ch. 45 Dept. of Housing and Economic Development
Attachments: 1. O2020-4505.pdf
Committee on Finance



ORDINANCE

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

SECTION 1. Chapter 2-45 ofthe Municipal Code of Chicago is hereby amended by inserting new section 2-45-156, as follows:

2-45-156 Annual reporting on tax increment financing portability.
For the purposes ofthis Section, the following definitions shall apply:
"Donor TIF district" means a TIF district that meets the following conditions: (1) it is more than three years old; (2) it has an unencumbered balance of at least $1,000,000; (3) its funds are at least 40% more than what is required to meet its annual TIF contractual obligations; (4) the equalized assessed value of the real property in the TIF district is greater than the equalized assessed value of the real property in the TIF district when such TIF was designated; and (5) it has not transferred, and is not scheduled to transfer, funds to one or more contiguous TIF districts for the purpose of paying debt service on the City's Modern Schools Across Chicago bonds.

"Excess funds" means moneys in all special tax allocation funds not required, pledged, earmarked, or otherwise designated for payment and securing of TIF contractual obligations.

"Portable percentage" means 70% ofthe excess funds.

"Recipient TIF district" means a TIF district that meets the following conditions: (1) it is more than three years old; and (2) it contiguous to a donor TIF directly or through one or more adjacent TIF districts.

"TIF district" means a tax increment financing district.

"TIF contractual obligations" means bonds, loans, debentures, notes, special certificates, or other evidence of indebtedness issued by the City of Chicago to carry out a redevelopment project or to refund outstanding obligations and payments associated with a redevelopment agreement or other binding contract, which has been approved by the City. "TIF contractual obligations" do not include anticipated redevelopment project costs, multi-year capital plans, or oth...

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