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Record #: O2022-1765   
Type: Ordinance Status: Passed
Intro date: 5/23/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 7/20/2022
Title: Intergovernmental agreement with Chicago Transit Authority for infrastructure repairs to 43rd Street Green Line station utilizing Tax Increment Financing (TIF) fund assistance
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. O2022-1765.pdf


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

May 23, 2022










TO THE HONORABLE,.THE CITY COUNCIL OF THE CI TY OF CHICAGO


Ladies and Gentlemen:

At the request ol" the Commissioner of Planning and Development, 1 transmit herewith ordinances authorizing the execution of intergovernmental agreements with the Chicago Transit Authority to provide TIF funding for various transit stations, track and turnaround improvements.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours

ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government as described in Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois; and

WHEREAS, the Chicago Transit Authority (the "CTA") is a municipal corporation of the State of Illinois; and

WHEREAS, the City is authorized, under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended (the "Act"), to finance projects that eradicate blight conditions and conservation factors that could lead to blight through the use of tax increment allocation financing for redevelopment projects; and

WHEREAS, in accordance with the provisions ofthe Act, and pursuant to three ordinances adopted on March 27, 2002, and subsequently amended, the City Council of the City (the "City Council"): (i) approved a certain redevelopment plan and project (the "Plan") for the 47th/King Redevelopment Project Area (the "Area") within the City; (ii) designated the Area as a redevelopment project area; and (iii) adopted tax increment allocation financing (the "TIF Adoption Ordinance") for the Area; and

WHEREAS, under the Act and the TIF Adoption Ordinance, certain taxes are allocated and, when collected, are paid to the Treasurer of the City for deposit by the Treasurer into the TIF Fund (as defined in the TIF Adoption Ordinance) established to pay redevelopment project costs incurred within the Area, which taxes may be us...

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