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This record contains private information, which has been redacted from public viewing.
Record #: O2021-4592   
Type: Ordinance Status: Passed
Intro date: 10/14/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 10/14/2021
Title: Quick-take acquisition of property for construction of affordable residential building, parking spaces and rehabilitation of Laramie State Bank at 5200, 5206, 5208, 5212, 5216, 5218, 5220 and 5224 W Chicago Ave
Sponsors: Dept./Agency
Topic: PROPERTY - Acquisition
Attachments: 1. O2021-4592.pdf
CHICAGO October 14. 2021

To the President and Members of the City Council:

Your Committee on Finance having had under consideration A communication recommending a proposed ordinance authorizing provision of tax increment financing (TIF) funds and expedited, negotiated acquisition of parcels or quick-take for 5200, 5206, 5220 and 5224 W Chicago Ave.




02021-4592


















Having had the same under advisement; begs leave to report and recommend that your Honorable Body pass the proposed


This recommendation was concurred in by viva voce vote of members ofthe
committee with|99|dissenting vote(s).
No: Aid. Beale


Respectfully submitted,



Chairman

SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions of the Constitution of the State of Illinois of 1970, and as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, pursuant to ordinances adopted by the City Council of the City of Chicago ("City Council") on September 27, 2007: (i) a certain redevelopment plan and project (the "Plan") for the Austin Commercial Redevelopment Project Area (the "Area") was; approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "Act"); (ii) the Area was designated as a redevelopment project area pursuant to the Act; and (iii) tax increment allocation financing was adopted pursuant to the Act as a means of ' financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and

WHEREAS, it is necessary to acquire the parcels of property located in the Area listed on the attached Exhibit A (the "Acquisition Parcels"), in order to achieve the objectives of the Plan, which include, among other things, ensuring the safety and well-being of residents in the immediate area of the Acquisition Parcels and reducing or eliminating conditions that qualify the ...

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