Record #: O2021-5284   
Type: Ordinance Status: Passed
Intro date: 11/17/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 12/15/2021
Title: Amendment No. 2 to 35th and Halsted tax incremental financing (TIF) redevelopment plan, project and ordinance for conformity and compliance with Illinois statute setting 35-year limit on retirement of obligations
Sponsors: Lightfoot, Lori E.
Attachments: 1. O2021-5284.pdf, 2. O2021-5284 (V1).pdf

WHEREAS, pursuant to ordinances adopted on January 14, 1997, and published in the Journal of the Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 36945 to 37323, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seg., as amended (the "Act"), the City Council (the "Corporate Authorities") ofthe City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Original Plan") for a portion ofthe City known as the "35th/Halsted Redevelopment Project Area" (the "Area") (the "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 Plan. Ordinance, the Designation Ordinance, all as amended, shall be referred to collectively herein as the "TIF Ordinances"); and

WHEREAS, pursuant to an ordinance adopted on May 5, 2004 and published in the Journal for such date at pages 22456 to 22468 (the "Amendment Ordinance"), the Corporate Authorities approved Amendment Number 1 to the Original Plan (the Original Plan, as amended, shall be referred to herein as the "Plan"); and

WHEREAS, the Plan established the estimated dates of completion ofthe redevelopment project described in the Plan and ofthe retirement of obligations issued to finance redevelopment project costs to be not more than twenty-three (23) years from the date of the adoption of the Designation Ordinance, and the Corporate Authorities made findings in the Plan Ordinance and the Amendment Ordinance that such date was not more than twenty-three (23) years from the date of the adoption of the Designation Ordinance in accordance with the provisions of Section 11-74.4-3(n)(3) of the Act in effect on the date of adoption of the TIF Ordinances; and

WHEREAS, Senate Bill 1139 (the "Bill"), which passed both houses of...

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