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Record #: O2020-4567   
Type: Ordinance Status: Introduced
Intro date: 9/9/2020 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Intergovernmental agreement with Chicago Transit Authority for tax incremental financing (TIF) assistance to improve CTA Lake Street bridge infrastructure and track
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. O2020-4567.pdf
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OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

September 9, 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 ordinances authorizing the execution of intergovernmental agreements for TIF assistance with the Chicago Transit Authority.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours.

ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government as described in Section 6(a), Article Vll ofthe 1970 Constitution ofthe State of Illinois; and
WHEREAS, the Chicago Transit Authority (the "CTA") is a municipal corporation of the State of Illinois; and
WHEREAS, the City is authorized, under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended (the "Act"), to finance projects that eradicate blight conditions and conservation factors that could lead to blight through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, in accordance with the provisions ofthe Act, and pursuant to three ordinances adopted on November 15, 2006, an amending ordinance adopted on February 7, 2007, and an amending ordinance adopted on May 9, 2007, the City Council ofthe City (the "City Council"): (i) approved a certain redevelopment plan and project (the "Plan") for the LaSalle Central Redevelopment Project Area (the "Area") within the City; (ii) designated the Area as a redevelopment project area; and (iii) adopted tax increment allocation financing (the "TIF Adoption Ordinance") for the Area; and
WHEREAS, under the Act and the TIF Adoption Ordinance, certain taxes are allocated and, when collected, are paid to the Treasurer of the City for deposit by the Treasurer into the TIF Fund (as defined in the TIF Adoption Ordinance) established to pay redevelopment project costs incurred within the Area, whi...

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