Office of the City Clerk - Record #: O2020-6211

• Record #: O2020-6211
• Type: Ordinance
• Status: Passed
• Intro date: 12/16/2020
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 1/27/2021
• Title: Acquisition of property in whole or part at 8840, 8844, 8850 and 8854 S Commercial Ave
• Sponsors: Lightfoot, Lori E.
• Topic: PROPERTY - Acquisition

Date	Journal Page Number	Action By	Action	Result
1/27/2021	26678	City Council	Passed	Pass
1/20/2021		Committee on Housing and Real Estate	Recommended to Pass
12/16/2020	24759	City Council	Referred

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

December 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, I transmit herewith an ordinance authorizing the acquisition of property at 8840, 8844, 8850 and 8854 South Commercial Avenue.

Your favorable consideration of this ordinance will be appreciated.

ORDINANCE

WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions ofthe Constitution ofthe State of Illinois of 1970, and as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, pursuant to ordinances adopted by the City Council of the City (the "City Council") on November 13, 2002, and published at pages 97254-97439 in the Journal of the Proceedings (the "Journal") of such date, a certain redevelopment plan and project (the "Plan") for the Commercial Avenue Redevelopment Project Ajea (the "Redevelopment Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11 -74.4-1 et seq.; the "Act"), the Redevelopment Area was designated as a redevelopment project area pursuant to the Act and tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Redevelopment Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and

WHEREAS, the Plan and the use of tax increment financing provide a mechanism to support new growth through leveraging private investment, and help to finance land acquisition, demolition, remediation, site preparation and infrastructure for new development in the Redevelopment Area; and

WHEREAS, the City Council finds that it is useful, necessary and desirable to acquire the parcels of property located in the Redevelopment Area identified on Exhibit A attached hereto and made a part hereof (the "Acquisitio...