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This record contains private information, which has been redacted from public viewing.
Record #: O2022-1257   
Type: Ordinance Status: Passed
Intro date: 4/27/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 5/23/2022
Title: Redevelopment agreement with B.U.I.L.D., Inc. and BUILD Support Corporation (QALICB), developers, for use of eligible cost Tax Increment Financing (TIF) funds for renovation and facility addition of developer-owned property at 5100 and 5112 W Harrison St as youth community center with sports and fitness components
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2022-1257.pdf, 2. O2022-1257 (V1).pdf
ORDINANCE


WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on July 26, 2006 and published at pages 81042 to 81138 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Plan") forthe Harrison/Central Redevelopment Project Area (the "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 July 26, 2006 and published at pages 81139 to 81145 ofthe Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on July 26, 2006 and published at pages 81146 to 81151 ofthe Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and

WHEREAS, BUILD Support Corporation, an Illinois not-for-profit corporation ("QALICB") will own property within the Redevelopment Area at 5100 and 5112 West Harrison Chicago, Illinois 60644 (the "Site") located within the Area; and

WHEREAS, B.U.I.L.D. Incorporated, an Illinois not-for-profit corporation ("BUILD") and QALICB, collectively, (the "Developer") shall complete rehabilitation of an approximately 10,800 square foot community center and complete construction of an approximately 39,000 square foot addition (the "Facility");
WHEREAS, the Facility will house a community center, which will serve youth in the surrounding area. The community center will contain activity rooms, a gym, running track, fitness center, lounge, game room and other amenities (the "Project"); and

WHEREAS, the Developer has proposed to undertake the redevelopment of the Site in accordance with the ...

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