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Record #: O2021-4071   
Type: Ordinance Status: Passed
Intro date: 9/14/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 10/14/2021
Title: Sixtieth Amending Agreement with SomerCor 504, Inc. to continue as service provider administrator, and authorizing increased grant funds to Devon/Western, Touhy/Western and Western Avenue/Rock Island through tax increment financing funds (TIF), including Small Business Improvement Funds (SBIF) or other available funds
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Grant
Attachments: 1. O2021-4071.pdf


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

September 14, 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 authorizing the execution ofthe sixtieth amendment to the administrative services agreement with SomerCor 504 Inc., and allocating TIF funding to some Small Business Initiative Funds.

Your favorable consideration of this 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 ofthe 1970 Constitution ofthe State of Illinois, is authorized under the provisions ofthe 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 fifty-ninth amending ordinance adopted by the City Council on December 16, 2020 and published in the Journal for said date at pages 24885 through 24915, inclusive (the "Fifty-Ninth Amending Ordina...

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