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Record #: O2021-4194   
Type: Ordinance Status: Passed
Intro date: 9/14/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 10/14/2021
Title: Second amendment to Near North Tax Incremental Financing (TIF) Redevelopment Project and Plan regarding estimated dates of completion and retirement of debt
Sponsors: Lightfoot, Lori E.
Topic: TAX INCREMENT FINANCING DISTRICTS - Near North T.I.F. - Amendment
Attachments: 1. O2021-4194.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 ofthe Commissioner of Planning and Development, 1 transmit herewith an ordinance authorizing the execution ofthe second amendment to the Near North TIF Redevelopment Project and Plan.

Your favorable consideration of this ordinance will be appreciated.

Law Department Finance and Economic Development Division Ordinance Transmittal Form



Date of transmittal
Ordinance subject matter
An ordinance authorizing second amendment to the Near North TIF Redevelopment Project and Plan


Department of Planning and Development
Originating department contact
Name: Keith May (Ext. 4-5817) Name: Karen Sun (Ext 4-8824)
City Council X Council Committee

Committee Name Reason

September 14, 2021
Original and two copies of ordinance Completed EDS, if applicable


Reviewing attorney
ORDINANCE

WHEREAS, pursuant to ordinances adopted on July 30, 1997, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 49207 to 49373, 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 "Near North 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 Ordina...

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