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Record #: O2022-2001   
Type: Ordinance Status: Passed
Intro date: 6/22/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 7/20/2022
Title: Amendment No. 2 to Canal/Congress Tax Increment Financing Redevelopment Project and Plan regarding statutory requirement of project completion and debt obligation retirement
Sponsors: Lightfoot, Lori E.
Topic: TAX INCREMENT FINANCING DISTRICTS - Canal/Congress T.I.F. - Amendment
Attachments: 1. O2022-2001.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
June 22. 2022










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, 1 transmit herewith an ordinance authorizing an amendment to the Canal/Congress Tax Increment Financing Redevelopment Plan and Project.

Your favorable consideration ofthis ordinance will be appreciated.

ORDINANCE

WHEREAS, pursuant to ordinances adopted on November 12, 1998, and published in the Journal of the Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 81881 to 81991, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seg., as amended (the "Act"), the City Council (the "Corporate Authorities") ofthe City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Original Plan") for a portion of the City known as the "Canal/Congress Redevelopment Project Area" (the "Area") (the "Plan Ordinance"); (ii) designated the Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance"); and (iii) adopted tax increment financing for the Area (the "TIF Adoption Ordinance," and, together with the Plan Ordinance, the Designation Ordinance, all as amended, shall be referred to collectively herein as the "TIF Ordinances"); and

WHEREAS, pursuant to an ordinance adopted on June 19, 2002 and published in the Journal for such date at pages 88204 to 88215 (the "Amendment Ordinance"), the Corporate Authorities approved Amendment Number 1 to the Original Plan (the Original Plan, as amended, shall be referred to herein as the "Plan"); and

WHEREAS, the Plan established the estimated dates of completion ofthe redevelopment project described in the Plan and ofthe retirement of obligations issued to finance redevelopment project costs to be not more than twenty-three (23) years from the date of the adopt...

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