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Record #: O2021-2185   
Type: Ordinance Status: Passed
Intro date: 5/26/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 6/25/2021
Title: Expansion of vacant building TIF purchase and rehabilitation program to include multi-family homes and various amendments to existing Multi-family Home Program agreements with Community Investment Corp
Sponsors: Lightfoot, Lori E.
Attachments: 1. O2021-2185.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
Mav 26. 2021










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


Ladies and Gentlemen:

At the request of the Commissioner of Housing, 1 transmit herewith an ordinance expanding the TIF Vacant Building Purchase Rehabilitation Program to include multi-use buildings.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours.

ORDINANCE
WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, 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 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 on May 4, 2011, and published in the Journal of Proceedings of the City Council (the "Journal") for said date at pages 117057 to 117064, inclusive (the "Establishment Ordinance"), the City developed a "Vacant Building TIF Purchase and Rehabilitation Program" ("Program") to assist in the stabilization of neighbor­hoods and the City's housing market by providing assistance for the purchase and rehabilitation of vacant housing; and
WHEREAS, in accordance with the Establishment Ordinance and pursuant to an ordi­nance adopted by the City Council of the City on March 14, 2012 and published in the Journal for said date at pages 21748 to 21775, inclusive, the City entered into an agreement on April 12,
with NHS (the "NHS Program Agreement") under which NHS performs certain administra­tive services for the Program for single-family homes ("SFH Program") in the Chicago/Central Park redevelopment project area; and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City on July 24,
and published in the...

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