Record #: SO2021-5732   
Type: Ordinance Status: Passed
Intro date: 12/15/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 1/26/2022
Title: Intergovernmental agreement with Chicago Board of Education to provide tax incremental financing (TIF) funds for upgrade, repair and recertification of obsolete building, environmental and mechanical systems at Eric Solorio Academy High School, 3500 W Norman R. Bobins Pl or 5400 S St. Louis Ave
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. SO2021-5732.pdf, 2. O2021-5732.pdf

WHEREAS, the City of Chicago (the "City") is a municipal corporation and home rule unit of government under Article VII, Section 6(a) ofthe 1970 Constitution ofthe State of Illinois, and as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, the Board of Education of the City of Chicago (the "Board") is a body politic and corporate, organized under and existing pursuant to Article 34 of the School Code of the State of Illinois, 105 ILCS 5/1-1 et seq.; and
WHEREAS, pursuant to the provisions of an act to authorize the creation of public building commissions and to define their rights, powers and duties under the Public Building Commission Act (50 ILCS 20/1 et seq.), the City Council of the City (the "City Council") created the Public Building Commission of Chicago to facilitate the acquisition and construction of public buildings and facilities; and

WHEREAS, the City is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et sea,., as amended from time to time (the "Act"), to finance projects that eradicate blight conditions through the use of tax increment allocation financing for redevelopment projects; and

WHEREAS, under 65 ILCS 5/11-74.4-3(q)(7), such ad valorem taxes which pursuant to the Act have been collected and are allocated to pay redevelopment project costs and obligations incurred in the payment thereof ("Increment") may be used to pay all or a portion of a taxing district's capital costs resulting from a redevelopment project necessarily incurred or to be incurred in furtherance of the objectives of the redevelopment plan and project, to the extent the municipality by written agreement accepts and approves such costs; and
WHEREAS, the Board is a taxing district under the Act; and

WHEREAS, the Board operates a school identified in Exhibit A (the "School") located at the Property identified in Exhibit A (the "Property"); and


Click here for full text