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Record #: O2021-3251   
Type: Ordinance Status: Passed
Intro date: 7/21/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 9/14/2021
Title: Amendment No. 2 to 71st and Stony Island Tax Increment Financing Redevelopment Project and Plan
Sponsors: Lightfoot, Lori E.
Topic: TAX INCREMENT FINANCING DISTRICTS - 71st/Stony Island T.I.F. - Amendment
Attachments: 1. O2021-3251.pdf


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

July 21,2021










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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith an ordinance amending the 71sl and Stony Island TIF Redevelopment Plan.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours,

ORDIN A N C E

WHEREAS, pursuant to ordinances adopted on October 7, 1998, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at-pages 78137 to 78242, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seq., as amended (the 'Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Original Plan") for a portion of the City known as the "71 stand Stony Island Redevelopment Project Area" (the "Area") (the "Original Plan Ordinance"); (ii) designated the Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance"); and (iii) adopted tax increment financing for the Area (the "TIF Adoption Ordinance" and together with the Original Plan Ordinance and the Designation Ordinance, referred to herein collectively as the "TIF Ordinances"); and

WHEREAS, the Corporate Authorities amended the Original Plan pursuant to an ordinance adopted on July 25, 2018 and published in the Journal for such date at pages 81603 to 81606 ("Amendment No. 1" and, together with the Original Plan, the "Plan"); and

WHEREAS, the Plan established the estimated dates of completion of the redevelopment project described in the Plan and of the retirement of obligations issued to finance redevelopment project costs to be December 31, 2022, which date is no later than December 31 of the year in which the payment to the City treasurer as provided in the Act is to...

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