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Record #: O2022-1743   
Type: Ordinance Status: Passed
Intro date: 5/23/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 6/22/2022
Title: Designation of Cicero/Stevenson Redevelopment Project Area as redevelopment project area pursuant to Tax Increment Financing (TIF) Act
Sponsors: Lightfoot, Lori E.
Topic: TAX INCREMENT FINANCING DISTRICTS - Cicero/Stevenson T.I.F. - Designation
Attachments: 1. O2022-1743.pdf



OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

May 23, 2022










TO THE HONORABLE. THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, 1 transmit herewith an ordinance authorizing the designation ofthe Cicero/Stevenson TIF Redevelopment Plan and Project.

Your favorable consideration ofthis ordinance will be appreciated.
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AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS DESIGNATING THE CICERO/STEVENSON REDEVELOPMENT PROJECT AREA AS A REDEVELOPMENT PROJECT AREA PURSUANT TO THE TAX INCREMENT ALLOCATION REDEVELOPMENT ACT

WHEREAS, it is desirable and in the best interest of the citizens of the City of Chicago, Illinois (the "City") for the City to implement tax increment allocation financing ("Tax Increment Allocation Financing") pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seg., as amended (the "Act"), for a proposed redevelopment project area to be known as the Cicero/Stevenson Redevelopment Project Area (the "Area") described in Section 2 of this ordinance, to be redeveloped pursuant to a proposed redevelopment plan and project (the "Plan"); and

WHEREAS, a public meeting (the "Public Meeting") was held in compliance with the requirements of Section 5/11-74.4-6(e) of the Act on January 27, 2022 at 6:00 p.m. via Zoom; and

WHEREAS, the Plan (including the related eligibility report attached thereto as an exhibit and, if applicable, the feasibility study and the housing impact study) was made available for public inspection and review pursuant to Section 5/11-74.4-5(a) of the Act since January 26, 2022, being a date not less than 10 days before the meeting of the Community Development Commission of the City (the "Commission") at which the Commission adopted Resolution 22-CDC-4 on February 8, 2022 fixing the time and place for a public hearing (the "Hearing"), at the offices of the City Clerk and the City's Department...

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