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This record contains private information, which has been redacted from public viewing.
Record #: O2022-883   
Type: Ordinance Status: Passed
Intro date: 3/23/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 3/23/2022
Title: Redevelopment agreement with 1357 Property Owner LLC for provision of tax-increment financing (TIF) funds for certain public infrastructure improvements of Morton Salt property at 1357 N Elston Ave
Sponsors: Waguespack, Scott
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2022-883.pdf, 2. O2022-883 (V1).pdf
ORDINANCE

WHEREAS, pursuant to an ordinance adopted by the City Council (the "City Council") of the City of Chicago (the "City") on February 5, 1998 and published at pages 61070 to 61190 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Original North Branch (South) Plan and Project") for the North Branch (South) Redevelopment Project Area (the "North Branch (South) Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on February 5, 1998, and published at pages 61070 to 61190 of the Journal of such date, the North Branch (South) Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance adopted by the City Council on February 5, 1998, (the "North Branch (South) TIF Ordinance") and published at pages 61070 to 61190 ofthe Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain redevelopment project costs, as defined in the Act, incurred pursuant to the Original North Branch (South) Plan and Project (as defined herein) and directed that the allocation of ad valorem taxes arising from levies by taxing districts upon the taxable real property in the North Branch (South) Area and tax rates be divided in accordance with the Act and as described in the North Branch (South) TIF Ordinance; and

WHEREAS, the Original North Branch (South) Plan and Project was first amended pursuant to an ordinance adopted by the City Council on July 25, 2018, (the "First Amendment"), and published at pages 81597 to 81600 of the Journal of such date, and subsequently amended pursuant to an ordinance adopted by the City Council on April 10, 2019, and published at pages 98676 to 98691 of the Journal of such date (the "Second Amendment") and

WHEREA...

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