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Record #: O2021-2175   
Type: Ordinance Status: Passed
Intro date: 5/26/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 6/25/2021
Title: Intergovernmental agreement with Chicago Park District to provide tax incremental financing (TIF) funds for development of pocket park at Park 594 at 3159 S Halsted St
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. O2021-2175.pdf
OFFICE OF THE MAYOR
CITY Ol CHICAGO
LOR! 17 IJG1ITFOOT MAYOR
May 26. 2021










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


Ladies and Gentlemen:

At the request ofthe Commissioner ol'Planning and Development, 1 transmit herewith ordinances authorizing the execution of intergovernmental agreements with the Chicago Park District to provide TIF funding for various park improvements.

Your favorable consideration of these ordinances will be appreciated.

ORDINANCE

WHEREAS, the City of Chicago (the "City"), is a home rule unit of government under Ar­ticle VII, Section 6(a) of the 1970 Constitution of the State of Illinois, and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the Chicago Park District (the "Park District"), is an Illinois municipal corpo­ration and a unit of local government under Article VII, Section 1 of the 1970 Constitution of the State of Illinois, and as such is authorized to exercise control over and supervise the operation of all parks within the corporate limits of the City; 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 from time to time (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, under 65 ILCS 5/11-74.4-3(q)(7), incremental ad valorem taxes, which pur­suant to the Act, have been collected and are allocated to pay redevelopment project costs and obligations incurred in the payment thereof ("Increment") may be used to pay all or a portion of a taxing district's capital costs resulting from a redevelopment project necessarily incurred or to be incurred in furtherance of the objectives of a redevelopment plan and project, to the extent the municipality by written agreement accepts and approves such...

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