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Record #: O2021-3923   
Type: Ordinance Status: Passed
Intro date: 9/14/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 10/14/2021
Title: Sixty-first amending agreement with SomerCor 504, Inc. to amend Small Business Improvement Fund program rules to allow for temporary eligibility of taverns, bars, hotels and motels in response to economic hardships experienced due to COVID-19 pandemic
Sponsors: Vasquez, Jr., Andre, Martin, Matthew J. , La Spata, Daniel , Hopkins, Brian , Sawyer, Roderick T., Sadlowski Garza, Susan, Cardenas, George A., Brookins, Jr., Howard, Rodriguez, Michael D., Cardona, Jr., Felix , Rodriguez Sanchez, Rossana , Hadden, Maria E.
Topic: FINANCE FUNDS - Grant Funds
Attachments: 1. O2021-3923.pdf
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 of the City ("City Council") on July 21, 1999, and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 8307 to 8344, inclusive (the "Program Ordinance"), the City implemented a redevelopment program known as the Small Business Improvement Fund program (the "Program") to provide financing assistance pursuant to the Act for the improvement of commercial and industrial facilities of small businesses in certain redevelopment project areas of the City; and

WHEREAS, by ordinances adopted by the City Council, the first on November 8, 2000, and published in the Journal for said date at pages 43877 to 43930, inclusive (the "First Amending Ordinance") and the most recent sixtieth amending ordinance adopted by the City Council before or concurrently with this ordinance (the "Sixtieth Amending Ordinance," collectively with the Program Ordinance, the First Amending Ordinance and the other amending ordinances, the "SBIF Ordinance"), the City has restated and refined the Program and extended its reach to additional redevelopment project areas of the City; and

WHEREAS, the City Council desires to amend the program rules for the Program ("Program Rules") to allow for the temporary eligibility of taverns, bars, hotels and motels in response to economic hardships experienced by these business types because of the ongoing COVID-19 pandemic; and

WHEREAS, the City Council, under the SBIF Ordinance, authori...

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