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Record #: SO2022-1706   
Type: Ordinance Status: Passed
Intro date: 5/23/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 7/20/2022
Title: First amendment to master intergovernmental agreement with Public Building Commission of Chicago authorizing use of Tax Incremental Financing (TIF) funds for various projects
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. SO2022-1706.pdf, 2. O2022-1706.pdf
CHICAGO June 22, 2022

To the President and Members of the City Council:

Your Committee on Finance having had under consideration a communication recommending a proposed ordinance concerning the authority to amend the master intergovernmental agreement with the Public Building Commission of Chicago regarding use of Tax Increment Financing (TIF) funds for various projects.


SO2022-1706




















Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed


This recommendation was concurred in by viva voce vote of members of the
committee with|99|dissenting vote(s).
Chairman


Respectfully submitted,


SUBSTITUTE ORDINANCE

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

WHEREAS, on March 18, 1956, the City Council of the City (the "City Council") created the Public Building Commission of Chicago (the "Commission"), an Illinois municipal corporation, pursuant to the Public Building Commission Act of the State of Illinois (the "Act") for the purpose of facilitating the funding, acquiring and constructing of public buildings, improvements and facilĀ­ities for use by local public agencies in the furnishing of essential governmental services; and

WHEREAS, the Commission is authorized and empowered by the Act to acquire fee simple title to real property, including easements and reversionary interests in streets, alleys and other public places, by leasing, purchase or the exercise of eminent domain (collectively, the "Property Activities"), for public improvements in an area or areas that have been selected, located and approved by the governing bodies of the City and the Commission; and

WHEREAS, the Commission has undertaken the Property Activities, construction, ...

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