Office of the City Clerk - Record #: SO2020-5728

• Record #: SO2020-5728
• Type: Ordinance
• Status: Passed
• Intro date: 11/16/2020
• Current Controlling Legislative Body: Committee on Finance
• Final action: 12/16/2020
• Title: Fifty-ninth amending agreement with SomerCor 504, Inc. as administrator, authorizing tax increment financing (TIF) funds to TIF/SBIF new project areas of 51st/Archer and Stevenson/Brighton development areas, and various established Small Business Improvement Funds (SBIF)
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Miscellaneous

Date	Journal Page Number	Action By	Action	Result
12/17/2020		Office of the Mayor	Signed by Mayor
12/16/2020	24885	City Council	Passed	Pass
12/14/2020		Committee on Finance	Substituted in Committee
12/14/2020		Committee on Finance	Recommended to Pass
11/16/2020	22371	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR
November 16, 2020










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development. 1 transmit herewith ordinance authorizing tax increment financing funds to various Small Business Improvement Funds, and the amendment ofthe program rules and service agreement.

Your favorable consideration of this ordinance will be appreciated.
SUBSTITUTE ORDINANCE

WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois, is authorized under the provisions ofthe Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, by an ordinance adopted by the City Council of the City ("City Council") on July 21, 1999, and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 8307 to 8344, inclusive (the "Program Ordinance"), the City implemented a redevelopment program known as the Small Business Improvement Fund program (the "Program") to provide financing assistance pursuant to the Act for the improvement of commercial and industrial facilities of small businesses in certain redevelopment project areas of the City; and

WHEREAS, by ordinances adopted by the City Council, the first on November 8, 2000, and published in the Journal for said date at pages 43877 to 43930, inclusive (the "First Amending Ordinance") and the most recent fifty-eighth amending ordinance adopted by the City Council on June 12, 2019 and published in the Journal for said date at pages 638 through 649, inclusive (the "Fifty-Eighth Amending Ordinance," collectively with the Program Ordinance, the First Amend...