SUBSTITUTE ORDINANCE
WHEREAS, The City of Chicago (the "City") is a home rule unit of government pursuant to Article VII, Section 6(a) of the 1970 State of Illinois Constitution and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, The City has determined that a shortage of affordable housing is harmful to the health, prosperity, economic stability and general welfare ofthe City; and
WHEREAS, The City also has a goal of creating communities of opportunity to replace vacancy, violence, and decades of disinvestment with affordable homes and opportunities for families to build generational wealth and equity; and
WHEREAS, Pursuant to ordinances adopted on (i) April 9, 2008, with respect to the Ogden/Pulaski Redevelopment Project Area and (ii) May 17, 2000, as amended on April 14, 2010, May 9, 2012 and December 9, 2015 with respect to the Midwest Redevelopment Project Area (each, a "Redevelopment Area" and collectively, the "Redevelopment Areas"), the City Council: (i) approved redevelopment plans and projects (each, a "Redevelopment Plan" and collectively, the "Redevelopment Plans"), pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "TIF Act"); (ii) designated the Redevelopment Areas as redevelopment project areas pursuant to the TIF Act; and (iii) adopted tax increment financing pursuant to the TIF Act as a means of financing certain Redevelopment Area project costs incurred pursuant to the Redevelopment Plans; and
WHEREAS, The City is the owner of the 100 parcels of real property (each, a "City Lot" and collectively, the "City Lots") listed on Exhibit A attached hereto, each of which has an appraised value of less than $50,000; and
WHEREAS, The City Lots are located in the Redevelopment Areas; and
WHEREAS, A joint venture between two Illinois not for profit corporations, Chicago Neighborhood Initiatives ("CNI") and Lawndale Christian Dev...
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