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This record contains private information, which has been redacted from public viewing.
Record #: O2021-4751   
Type: Ordinance Status: Passed
Intro date: 10/14/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 11/17/2021
Title: Redevelopment agreement with Chicago Neighborhood Initiatives, Inc., financed with general obligation bonds, tax incremental financing (TIF) funds and other city funds to perform various residential environmental remediation and site preparation activities on numerous parcels of city-owned property
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Redevelopment
Attachments: 1. O2021-4751.pdf


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

October 14, 2021










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing the execution of a redevelopment agreement with Chicago Neighborhood Initiatives, Inc. for site preparation and environmental remediation of City lots.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours

ORDINANCE

WHEREAS, pursuant to ordinances adopted by the City Council (the "City Council") of the City of Chicago (the "City") on (i) April 9, 2008 with respect to the Ogden/Pulaski Redevelopment Project Area and (ii) May 17, 2000, as amended on April 14, 2010, May 9, 2012, and December 9, 2015 with respect to the Midwest Redevelopment Project Area (each, a "Redevelopment Area" and collectively, the "Redevelopment Areas") and published in the Journal of the Proceedings of the City Council of the City, the City Council, under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seq., as amended (the "Act"): (i) approved redevelopment plans and projects (each, a "Redevelopment Plan" and collectively, the "Redevelopment Plans"); (ii) designated the Redevelopment Areas as redevelopment project areas; and (iii) adopted tax increment financing as means of financing certain Redevelopment Area project costs (as defined in the Act) incurred pursuant to the Redevelopment Plans; and
WHEREAS, the City is the owner of 100 parcels of real property (each, a "City Lot" and collectively, the "City Lots") located in the Redevelopment Areas; and

WHEREAS, Chicago Neighborhood Initiatives, Inc., an Illinois not-for-profit corporation ("Developer") will obtain from the City a right of entry to perform environmental remediation work and site preparation on the City Lots required to ensure that the City Lots are suitable for residential development (the ...

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