Di;i>artmi;nt oi- Law
CITY OF CHICAGO
May 27, 2021
HAND-DELIVERED
Andrea M. Valencia City Clerk
121 North LaSalle Street Chicago, Illinois 60602
Re: Proposed Near North Tax Increment Financing Redevelopment Project and Plan Amendment No. 2 dated May 27, 2021
Dear Ms. Valencia:
I enclose one copy ofthe Near North Tax Increment Financing Redevelopment Project and Plan Amendment No. 2 (the "Plan Amendment") dated May 27, 2021 for the Near North Redevelopment Project Area.
Please make the Plan Amendment available in your office as of this date for public inspection in accordance with the requirements of Section 5/11-74.4-5(a) of the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended.
If you have any questions with respect to this matter, please call me at 744-5817.
Keith A. May Assistant Corporation Counsel Supervisor
Chicago City Clerk-Council Div.
2021MAV 27am10:35
Enclosure
Ryan Slattery, DPD Scott Fehlan, Law (w/encl)
121 NORTH LAS A LIT. STRl'T.T, ROOM (iOO, CHICAGO. ILLINOIS (>(>
NEAR NORTH TAX INCREMENT FINANCING REDEVELOPMENT PROJECT AND PLAN
Adopted Plan: June 30, 1997
Amendment No. 1: April 24, 2020
Amendment No. 2 May 27, 2021
City of Chicago Lori E. Lighfoot, Mayor
Department of Planning and Development Maurice D. Cox, Commissioner
Chicago City Clerk-Council Div,
2021MAV 27am10:35
Prepared by:
Johnson Research Group Inc. 332 South Michigan Avenue, 9th Floor Chicago, Illinois 60604
EXECUTIVE SUMMARY
The Illinois General Assembly passed the Tax Increment Allocation Redevelopment Act (65 ILCS 5/11-74.4-1 et.seq.) (the "Act") to address the growing number of blighted areas in many Illinois municipalities. The blighting of communities impairs the value of private investment and threatens the growth of the community's tax base. The Act declares that in order to promote the public health, safety, morals, and welfare, blighting conditions must be eliminated.
Therefore, to induce re...
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