Canal - Congress - TIF Termination
WHEREAS, The City Council (the "City Council") of the City of Chicago (the "City") adopted ordinances in accordance with the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, etseq. (the "Act") on November 12, 1998, and published at pages 81881 through 81990 of the Journal of the Proceedings of the City Council of the City of Chicago: (1) approving a tax increment redevelopment project and plan for the Canal/Congress Redevelopment Project Area (the "Area"); (2) designating the Area as a tax increment financing district; and (3) adopting tax increment allocation financing for the Area; and
WHEREAS, Pursuant to Section 8 of the Act ("Section 8"), when redevelopment projects costs for a redevelopment project area, including without limitation all municipal obligations financing redevelopment project costs incurred under the Act, have been paid, all surplus funds then remaining in the special tax allocation fund for a redevelopment project area designated under the Act shall be distributed by being paid by the municipal treasurer to the State of Illinois Department of Revenue, the municipality and the county collector; first to the Department of Revenue and the municipality in direct proportion to the tax incremental revenue received from the State of Illinois and the municipality, but not to exceed the total incremental revenue received from the state or the municipality less any annual surplus distribution of incremental revenue previously made; with any remaining funds to be paid to the county collector who shall immediately thereafter pay said funds to the taxing districts in the redevelopment project area in the same manner and proportion as the most recent distribution by the county collector to the affected districts of real property taxes from real property in the redevelopment project area; and
WHEREAS, Furthermore, pursuant to Section 8, upon the payment of all redevelopment project costs, the retirement of obligations, the distribution of any excess monies pursuant to Section 8, and final closing of the books and records of the redevelopment project area, the municipality shall adopt an ordinance dissolving the special tax allocation fund for the redevelopment project area and terminating the designation of the redevelopment project area as a redevelopment project area; and
WHEREAS, Furthermore, pursuant to Section 8, municipalities shall notify affected taxing districts prior to December 31, if a redevelopment project area is to be terminated by December 31, of that same year; and
WHEREAS, The City has, prior to December 31, 2020, notified the affected taxing districts of the proposed termination of the Area as a redevelopment project area, in accordance with the provisions of the Act; and
WHEREAS, With respect to the Area, by January 31, 2020 all redevelopment projects for which redevelopment project costs have been paid or incurred shall be completed, all obligations relating thereto shall be paid and retired, and, subject to Section 3 of this ordinance, all excess monies, if any, shall be distributed; and
WHEREAS, Subject to Section 3 of this ordinance, the City shall accomplish the final closing of the books and records of the Area; and
WHEREAS, In accordance with the provisions of Section 8, the City desires to dissolve the special tax allocation fund for the Area (the "Special Fund") and terminate the designation of the Area as a redevelopment project area as of December 31, 2020; now, therefore,
Be It Ordained by the City Council of the City of Chicago:
SECTION 1. The above recitals are incorporated herein and made a part hereof.
SECTION 2. The designation of the Area legally described on Exhibit A attached hereto and otherwise depicted on Exhibit B attached hereto shall be terminated as of December 31, 2020. The list of parcels comprising the Area and a map of the approximate TIF boundaries are attached hereto as Exhibit C.
SECTION 3. Notwithstanding Section 2 hereof, it is anticipated that the City will continue to receive incremental property taxes for assessment year 2019/collection year 2020. Accordingly, although the designation of the Area is repealed by Section 2 hereof, the City will continue to maintain the Special Fund for the limited purpose of receiving any remaining incremental property taxes for assessment year 2019/collection year 2020. Pursuant to the Act, upon receipt of such taxes, the City shall calculate and declare surplus revenue, and shall return surplus revenue to the Cook County Treasurer in a timely manner for redistribution to the local taxing districts that overlap the Area. Thereupon, the Special Fund shall be considered to be dissolved.
SECTION 4. The method of calculating and allocating property tax increment by the County of Cook pursuant to the Act for the parcels listed on Exhibit C shall be terminated from and after December 31, 2020.
SECTION 5. The Commissioner of the Department of Planning and Development (the "Commissioner"), or a designee thereof, is authorized to execute any documents and take any steps necessary to terminate the designation of the Area pursuant to this ordinance and the Act on behalf of the City, and the previous execution of any documents and the previous taking of any steps necessary to terminate the designation of the Area pursuant to the Act by the Commissioner, or a designee thereof, on behalf of the City are hereby ratified.
SECTION 6. This ordinance shall be in full force and effect upon its passage and approval.
SECTION 7. If any section, paragraph, clause or provision of this ordinance shall be held invalid, the invalidity of section, paragraph, clause or provision shall not affect any of the other provisions of this ordinance.
SECTION 8. All ordinances, resolutions or orders, or parts thereof, in conflict with the provisions of this ordinance are hereby repealed to the extent of their conflict.
Exhibits "A", "B" and "C" referred to in this ordinance read as follows:
Exhibit "A".
Legal Description Of Project Boundary.
Beginning at the point of intersection of the south line of Harrison Street and the west line of Clinton Street; thence north along the west line of Clinton Street to the easterly extension of the north line of the south 9.40 feet of Lot 24 in the subdivision of Block 53 in School's Section Addition to Chicago in the east half of the northwest quarter of Section 16, Township 39 North,
Range 14 East of the Third Principal Meridian; thence east along said easterly extension and the north line of the south 9.40 feet of Lot 24 in the subdivision of Block 53 in School's Section Addition to Chicago to a line 113 feet east of and parallel with the east line of Clinton Street; thence north along said line 113 feet east of and parallel with the east line of Clinton Street to the south line of Van Buren Street; thence west along said south line of Van Buren Street to the west line of Clinton Street; thence north along said west line of Clinton Street to the north line of Lot 12 in Gordon S. Hubbard's Subdivision of Blocks 45 and 52 of School Section Addition to Chicago in>the east half of the northwest quarter of Section 16, Township 39 North, Range 14 East of the Third Principal Meridian; thence west along said north line of Lot 12 in Gordon S. Hubbard's Subdivision to the west line thereof; thence south along said west line of Lot 12 in Gordon S. Hubbard's Subdivision and the southerly extension thereof to the south line of Van Buren Street; thence west along said south line of Van Buren Street to the east line of Jefferson Street; thence south along said east line of Jefferson Street to the easterly extension of the north line of the south 24 feet of Lot 7 in the subdivision of Block 30 in School's Section Addition to Chicago in the west half of the northwest quarter of Section 16, Township 39 North, Range 14 East of the Third Principal Meridian, said easterly extension of the north line of the south 24 feet of Lot 7 being also the south line of Congress Parkway; thence west along said south line of Congress Parkway to the west line of Desplaines Street; thence north along said west line of Desplaines Street to the north line of Lots 17, 18 and 19 in G. F. Blanchard's Subdivision of Block 20 in School Section Addition to Chicago in the west half of the northwest quarter of Section 16, Township 39 North, Range 14 East of the Third Principal Meridian, said north line of Lots 17, 18 and 19 being also the south line of Tilden Street; thence west along said south line of Tilden Street to the southerly extension of the east line of the west 1 foot of Lot 14 in said G. F. Blanchard's Subdivision of Block 20 in School Section Addition to Chicago; thence north along said southerly extension and the east line of the west 1 foot of Lot 14 in said G. F. Blanchard's Subdivision of Block 20 in School Section Addition to Chicago to the north line of said Lot 14; thence west along said north line of Lot 14 and along the south line of Lots 4 and 5 in said G. F. Blanchard's Subdivision of Block 20 in School Section Addition to Chicago to the west line of said Lot 5; thence north along the west line of said Lot 5 to the south line of Van Buren Street; thence west along said south line of Van Buren Street to the southerly extension of the east line of the west 28.75 feet of Lot 14 in the subdivision of Block 21 in School Section Addition to Chicago in the west half of the northwest quarter of Section 16, Township 39 North, Range 14 East of the Third Principal Meridian; thence north along said southerly extension and the east line of the west 28.75 feet of Lot 14 in the subdivision of Blocks 4 and 21 in School Section Addition to Chicago and the northerly extension thereof to the north line of Gladys
Avenue; thence east along said north line of Gladys Avenue to the west line of Desplaines Street; thence north along said west line of Desplaines Street to the westerly extension of the south line of the northerly 20.08 feet of Lot 5 in the subdivision of Block 28 in School Section Addition to Chicago in the west half of the northwest quarter of Section 16, Township 39 North, Range 14 East of the Third Principal Meridian; thence east along said westerly extension and the south line of the northerly 20.08 feet of Lot 5 in the subdivision of Block 28 in School Section Addition to Chicago to the east line of said Lot 5, said east line of Lot 5 being also the west line of the alley east of Desplaines Street; thence north along said west line of the alley east of Desplaines Street to the south line of the north 7.55 feet of Lot 5 in the subdivision of Lots 8 through 16, inclusive, in the subdivision of the west half of Block 27 in School Section Addition to Chicago in the west half of the northwest quarter of Section 16, Township 39 North, Range 14 East of the Third Principal Meridian, said south line of the north 7.55 feet of Lot 5 in the subdivision of Lots 8 through 16, inclusive, in the subdivision of the west half of Block 27 in School Section Addition to Chicago being also the north line of the alley north of Jackson Boulevard; thence west along said north line of the alley north of Jackson Boulevard and the westerly extension thereof to the west line of Desplaines Street; thence north along said west line of Desplaines Street to the north line of Lot 5 in Block 23 in School Section Addition to Chicago in the west half of the northwest quarter of Section 16, Township 39 North, Range 14 East of the Third Principal Meridian, said north line of Lot 5 being also the south line of Marble Place; thence west along said south line of Marble Place to the southerly extension of the east line of Lot 3 in said Block 23 in School Section Addition to Chicago; thence north along said southerly extension and the east line of Lot 3 in said Block 23 in School's Section Addition to Chicago to the south line of Monroe Street; thence west along said south line of Monroe Street to the southerly extension of the west line of the east 1.43 feet of Lot 7 in Block 24 in School Section Addition to Chicago; thence north along said southerly extension and the west line of the east 1.43 feet of Lot 7 in Block 24 in School Section Addition to Chicago and the northerly extension thereof to a line 9 feet north of and parallel to the north line of said Lot 7; thence west along said line 9 feet north of and parallel to the north line of said Lot 7 to the southerly extension of the west line of the east 26.81 feet of Lot 2 in said Block 24 in School Section Addition to Chicago; thence north along said southerly extension and the west line of the east 26.81 feet of Lot 2 in said Block 24 in School Section Addition to Chicago to the south line of Madison Street; thence west along said south line of Madison Street to the southerly extension of the west line of Lot 15 in Block 70 in Canal Trustee's Subdivision of lots and blocks in the southwest quarter of Section 9, Township 39 North, Range 14 East of the Third Principal Meridian; thence north along said southerly extension and the west line of Lot 15 in Block 70
in Canal Trustee's Subdivision and the northerly extension thereof to the north line of Warren Avenue; thence east along said north line of Warren Avenue to the east line of Desplaines Street; thence south along said east line of Desplaines Street to the north line of Monroe Street; thence east along , said north line of Monroe Street to the west line of Clinton Street; thence south along said west line of Clinton Street to the south line of the north 1.92 feet of Lot 4 in Charles Wesencrafts's Subdivision of Lots 3,4, 5 and 6 in Block 47 of School Section Addition to Chicago in the east half of the northwest quarter of Section 16, Township 39 North, Range 14 East of the Third Principal Meridian; thence west along said south line of the north 1.92 feet of Lot 4 in Charles Wesencraft's Subdivision to the west line of said Lot 4; thence south along said west line of Lot 4 in Charles Wesencraft's Subdivision and along the west line of Lots 5 and 6 in said Charles Wesencraft's Subdivision to the south line of said Lot 6; thence east along said south line of said Lot 6 in Charles Wesencraft's Subdivision to the west line of Clinton Street; thence south along said west line of Clinton Street to the north line of the south 38.9 feet of Lot 8 in said Charles Wesencraft's Subdivision; thence west along said north line of the south 38.9 feet of Lot 8 in said Charles Wesencraft's Subdivision to the west line of said Lot 8; thence south along said west line of said Lot 8 in Charles Wesencraft's Subdivision to the north line of Adams Street; thence west along said north line of Adams Street to the east line of Lot 7 in W. B. Egan's Subdivision of Lots 7 and 8 in Block 47 of School Section Addition to Chicago in the east half of the northwest quarter of Section 16, Township 39 North, Range 14 East of the Third Principal Meridian; thence north along said east line of Lot 7 in W. B. Egan's Subdivision to the north line thereof; thence west along said north line of Lot 7 and along the north line of Lots 8 and 9 in said W. B. Egan's Subdivision and along the westerly extension of the north line of Lots 7, 8 and 9 in said W. B. Egan's Subdivision to the west line of Jefferson Street; thence north along said west line of Jefferson Street to the north line of Lot 5 in Block 26 in School Section Addition to Chicago in the east half of the northwest quarter of Section 16, Township 39 North, Range 14 East of the Third Principal Meridian; thence west along said north line of Lot 5 in Block 26 in School Section Addition to Chicago to the west line of said Lot 5; thence south along said west line of said Lot 5 to the north line of Adams Street; thence east along said north line of Adams Street to the east line of Jefferson Street; thence south along said east line of Jefferson Street to the north line of Jackson Street; thence east along said north line of Jackson Street to the west line of Clinton Street; thence north along said west line of Clinton Street to the north line of Adams Street; thence east along said north line of Adams Street to the east line of Canal Street; thence south along said east line of Canal Street to a point 116.45 feet north of the north line of Jackson Boulevard as measured along the west line of Lot 6 in the subdivision of Block 46 of the School Section Addition to Chicago in the east
half of the northwest quarter of Section 16, Township 39 North, Range 14 East of the Third Principal Meridian; thence east along a straight line to a point on the east line of said Lot 6 which is 121.21 feet northerly from the north line of Jackson Boulevard as measured along said east line of Lot 6; thence east along a straight line to a point on the east line of Lot 5 in said subdivision of Block 46 of the School Section Addition to Chicago which is 121.88 feet northerly from the north line of Jackson Boulevard as measured along said east line of Lot 5, said point on the east line of Lot 5 being also on the westerly channel line of the south branch of the Chicago River; thence southerly along said westerly channel line of the south branch of the Chicago River to the south line of Jackson Street; thence west along said south line of Jackson Street to the east line of Canal Street; thence south along said east line of Canal Street to the north line of Van Buren Street; thence east along said north line of Van Buren Street to the westerly channel line of the south branch of the Chicago River; thence southerly along said westerly channel line of the south branch of the Chicago River to the south line of Harrison Street; thence west along said south line of Harrison Street to the point of beginning. All in the City of Chicago, Cook County, Illinois.
Exhibit "B". Street Location Of The Project Area.
The Area is generally bounded on the north by West Madison, West Monroe and West Adams Streets; on the south by West Congress Parkway and West Harrison Street; on the east by South Clinton and South Canal Streets and the south branch of the Chicago River; and on the west by the Kennedy Expressway and North Desplaines Street.
Exhibit "C"
(To Canal/Congress Tax Increment Financing Redevelopment Project And Plan)
1997 Estimated E.A.V. By Tax Parcel.
C—at HN
17-09-339-005-0000
17-09-339-006-0000
17-09-339-007-0000
17-09-339-010-0000
17-09-339-011-0000
17-09-339-012-0000
17-09-339-013-0000
17-09-339-0144000
17-09-339-015-0000
17-16-100-019-0000
17-16-100-020-0000
17-16-100-031-8001
17-16-100-031-8002
17-16-100-032-8001
13 17-16-100-032-8002
17-16-100-033-8001
17-16-100-033-8002
17-16-100-034-8001
17-16-100-034-8002
17-I6-IOO-O35-80OI
17-16-100-035-8002
17-16-100-036-8001
17-16-100-036-8002
17-16-100-037-8001
17-16-100-037-8002
17-16-100-038-8001
17-16-100-038-8002
17-16-100-039-8001
17-16-100-039-8002
17-16.100-040-8001
3! 17-16-100-040-8002
17-16-100-041-8001
17-16-100-041-8002
I7-16-IOO-042-800I
17-16-100-042-8002
17-16-100-043-0000
37 . 17-16-105-015-0000
17-16-105-027-0000
17-16-106-002-0000
17-16-106-003-0000
17-16-106-008-0000
Estimated 1997 EAV
128454
6,180
6,180
12,537
6.627
4.410
3.438
5.381
11.492
15.451
7.414
1,440
19.215
456254 261.089 65.047 79.748 223.853
RaURoid Estimated RailRmd
orEiempt Omat PP* 1997 EAV
EX ™™4T"^* 17-16-106-012-0000 . 12J54
EX 43 17-16-106-016-0000 t 9292
EX 44 17-16-106-017-0000 99,941
EX 45 17-16-106-018-0000 97,019
EX 46 17-16-106-019-0000 206507
EX 47 17-16-106-021-0000 2,452
EX 48 17-16-106-022-0000 9292
EX 49 17-16-106-0254)000 196,747
EX 50 17-16-1064)264)000 23Z307
EX si I7-I6-4O6-O3O-OOOO 382.025
EX 52 17.16-106433-0000 1,626.936
53 17-16-1074)014)000 137.895
EX 54 17-t6-107-002-0000 193.113
55 17-16-107-0034)000 128.891
EX 56 17-16-1074)04-0000 57.997
57 17-16-1074)054)000 57,997
EX 58 17-16-107-0064)000 64.441
59 17-16-107-0074X500 319.821
EX 60 17-16-107-0084)000 319.529
61 I7-I6-107-O09-O0O0 160.755
EX 62 • 17-16-1074)10-0000 32US5
63 17-16-1074)124)000 131.732
EX 64 17-16-1074)134)000 131,902
65 t7-16-1074)14-0000 131.732
EX 66 17-16-1074)154)000 438.410
67 17-l6-t074M6O000 39U17
EX 68 17-16-10741174)000 178.352
69 17-16-1074)194)000 159.309
EX 70 17-16-1074)204)000 244.513
71 17-16-10741224)000 357.581
EX • 72 17-16-111-0014)000 129.925
73 17-16-1114)024)000 ' 76.439
EX 74 17-16-1114)034)000 80.272
75 17-16-1114)04-0000 48.514
EX 76 17-16-111-005-0000 46223
17-16-1114)064X»0 46223
17-16-1114)074)000 48256
17-16-111-0084)000 98.495
17-16-1114>094K>00 96.406
17-16-1114)104)000 87,069
17-16-1114)11-0000 87,069
S3 17-16-111-012-0000
84 17-16-111-013-0000
S3 17-16-111-014-0000
17-16-111-017-0000
17*16-111-019-0000
17-16-111-020-0000
17-16-111-021-0000
17-16-111-022-0000
17-16-111-023-0000
17-16-111-024-0000
17-16-111-025-0000
17-16-111-026-0000
17-16-111-027-0000
17-16-113-002-0000
17-16-113-003-0000
17-16-113-009-0000
17-16-113-010-0000
(00 17-16-114-003-0000
17-16-115-003-6001
17-16-115-003-6030
17-16-115-004-6001
17-16-115-004-6003
17-16-117-017-0000
17-16-117-018-0000
17-16-117-019-0000
17-16-117-036-0000
17-16-117-037-0000
17-16-117-038-0000
Ul 17-16-117-039-0000
17-16-118-003-0000
17-16-118-004-0000
17-16-118-005-0000
17-16-118-006-0000
17-16-118-007-0000
17-16-118-008-0000
17-16-118-OO9-O000
17-16-118-010-0000
17-16-118-011-0000
Ul 17-16-118-012-0000
17-16-118-0134)000
17-16-118-014-0000
Estimated 1997 EAV
87.069 87.069 28,211
127,802 82472
497413 2431,402
1.626,666 76,707 109,431 137,985 72.029 38t459 761483 1,146,608 3.336,739 4
141,389 134.936 67.108
282JIB
133.017 233.364 251.608 540.178
970.071 78.005
Rail Road orl
EX
RR EX RR EX EX
EX EX
Corns PPV
17-16-118-015-0000
17-16-118-016-0000
17-16-119-001-0000
121 17-16-119-002-0000
122 17-16-119-003-0000
17-16-119-004-0000
17-16-119-005-0000
17-16-119-006-0000
17-16-119-007-0000
17-16-119-008-0000
I7-16-W9-OP9-O000
17-16-119-010-0000
17-ifi-l 19-011-0000
17-16-119-012-0000
17-16-J19-O13-0000
17-16-119-020-0000
17-16-119-021-0000
17-16-J 19-022-0000
17-16-119-023-0000
17-16-119-024-0000
17-16-119-025-0000
17-16-119-026-0000
140 17-16-119-027-0000
Ml 17-16-119-028-0000
'« 17-16-119-029-0000
17-16-119-030^)000
17-16-119-031-0000
17-16-119-032-0000
17-16.119-033-0000
17-16-119-034-0000
17-16-119-035-0000
17-16-119-036-0000
17-16-119-037-0000
'51 17-16-119-038-0000
132 17-16-119-039-0000
'33 17-16-119-040-0000
'54 17-16-119-041-0000
17-16-119-042-0000
17-16-119-043-0000
137 17-16-119-044-0000
•38 17-16-119-045-0000
Estimated 1997 EAV
1,009,014 522.612
225477 1.039,964 • . 370,107
98,862 128.603 243.157 104,093 104,073 160,970 175,587 142
2 2 2 2 2 2
Rail Road
EX EX
EX
EX EX EX EX EX EX EX EX EX
EX
EX
EX
EX
EX
EX EX EX EX EX
159 17-16-119-046-8080
169 17-16-119-047-6006
17-16-119-048-0000
17-16-119-049-0000
17-16-119-050-0000
17-16-119-0514000
17-16-119-052-0000
17-16-119-053-0000
17-16-119-054-0000
17-16-119-055-0000
17-16-119456-0000
17-16-119-0574000
17-16-119458-0000
17-16-119459-0000
17-16-1194604000
17-16-1194614000
17-16-120-008-8001
17-16-120408-8002
17-16-120-O08-8003
17-16-1204094000
17-16-1204104000
17-16-1224344000
17-16-122435-0000
17-16-122444-0000
17-16-1224454000
17-16-122-0464000
17-16-125-006-8001
17-16-125406-8002
17-16-1254114000
17-16-126-0014000
17-16-126-013-0000
17-16-126415-8001
17-16-126415-8002
17-16-129-0124000
17-16-1294134000
17-16-1294144000
17-16-1294154000
17-16-1294164000
17-16-1294174000
17-16-1294184000
17-16-129-019-0000
Estimated 1997 EAV
5.81 5.81 1,170.97:
8,299
1.956.679 2.024.318
16.048 97,986 97.986 97,986 97,986 115,340 118,778, 118.778 49.996
Rul Road or Exempt
EX EX
EX
EX
EX
EX
EX EX EX EX EX EX EX
EX
1997 EAV
48.733 48.733 57.786 48.733 115481
99,778
Ceaast
200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237
PIN
17-16-1294204000
17-16-1294214000
17-16-1294224000
17-16-1294234000
17-16-1294244000
17-16-1294484000
17-16-1294494000
17-16-1294574000
17-16-1294594000
17-16-1294614000
17-16-1294634000
17-16-1294674000
17-16-1294694000
17-16-1294724000
17-16-1294744000
1.084.380
8,733
8,733
10453
10.353 1.381.854
17-16-1294764000
17-16-1294794000
17-16-1294814000
17-16-129482-8001
17-16-129482-8002
17-16-129483-8001
17-16-129483-8002
17-16-129484-8001
17-16-129484-8002
17-16-129485-8001
17-16-129485-8002
17-16-1294864000
17-16-1304014000
17-16-1304024000
17-16-1304044000
9.558 7.158
45,703 12,440
17-16-1304054000
17-16-300-035-8001
17-16-500-035-8002
17-16-5OO-036-8O01
17-16-500436-8002
17-16-500437-8001
17-16-500437-8002
17-16-500437-8003
Total Estimated 1997 EAV $ 36,047,464
Rail Road
EX
EX EX EX EX EX EX EX EX EX EX
EX
EX
EX
EX
RR EX EX EX EX
EX
EX
Exhibit "C.
Committee on Finance City Council Meeting, November 18th, 2020 Alderman Scott E. Waguespack, 32nd Ward
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO
Byron Sigcho-Lopez Alderman, 25th Ward