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Record #: O2022-428   
Type: Ordinance Status: Passed
Intro date: 1/26/2022 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 2/23/2022
Title: Acquisition of vacant lots at 1600-1729 S Peoria St, 1600-1624 S Newberry St, 834-892 W 18th St, 827-925 W 16th St as element of multi-litigation settlement with PMG Pilsen Investments LLC for development as affordable housing
Sponsors: Lightfoot, Lori E.
Topic: PROPERTY - Acquisition
Attachments: 1. O2022-428.pdf
OFFICE OF THE MAYOR
CITY Ol- CHICAGO
I.OKI IF LIGHTFOOT
M/VYOI!

January 26, 2022










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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinances authorizing the acquisition of property.

Your favorable consideration of these ordinances will be appreciated.

ORDINANCE
i
WHEREAS, the City of Chicago ("City") is a duly constituted and existing municipality within the meaning of Section 1, Article VII, of the Constitution of the State of Illinois of 1970 ("Constitution"), and is a home rule unit of local government under Section 6(a), Article VII, of the Constitution, and as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, pursuant to ordinances adopted on June 10, 1998, and published in the Journal of Proceedings of the City Council (the "Journal") of such date, the City Council of the City (the "City Council"): (i) approved a certain redevelopment plan and project (as amended by ordinances adopted by the City Council on November 12, 2003, and September 1, 2004, the "Redevelopment Plan") for a portion of the City known as the Pilsen Industrial Corridor Tax Increment Financing Redevelopment Project Area (the "Redevelopment Area"), pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "Act"); (ii) designated the Redevelopment Area as a redevelopment project area pursuant to the Act; and (iii) adopted tax increment financing pursuant to the Act as a means of financing certain Redevelopment Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and

WHEREAS, the Redevelopment Plan and the use of tax increment financing provide a mechanism to support new growth through leveraging private investment, and helping to finance land acquisition, demolition, remediation, site preparation and infrastru...

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