Office of the City Clerk - Record #: O2022-2014

• Record #: O2022-2014
• Type: Ordinance
• Status: Passed
• Intro date: 6/22/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 7/20/2022
• Title: Redevelopment agreement with and provision of neighborhood opportunity funds and tax increment financing (TIF) assistance to Dreams Realty and Design, Inc., d.b.a. Dior Realty Group, Inc., for renovation of 834-840 E. 87th St into office space
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
7/20/2022	50335	City Council	Passed	Pass
7/18/2022		Committee on Finance	Recommended to Pass
6/22/2022	48679	City Council	Referred

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 ofthe Commissioner of Planning and Development, I transmit herewith ordinances authorizing the execution of tax increment financing redevelopment agreements with various entities.

Your favorable consideration of these ordinances will be appreciated.

ORDINANCE
WHEREAS, pursuant to ordinances adopted by the City Council (the "City Council") of the City of Chicago (the "City"), published in the Journal ofthe Proceedings ofthe City Council ofthe City for such date identified on Exhibit A attached hereto, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seq., as amended (the "Act"), the City Council: (i) approved and adopted a redevelopment plan and project (the "Plan") for a portion of the City identified on Exhibit A (the "Redevelopment Area"); (ii) designated the Redevelopment Area as a "redevelopment project area" within the requirements of the Act; and (iii) adopted tax increment allocation financing for the Redevelopment Area (items (i)-(iii), each as amended from time to time, collectively the "TIF Ordinance"); and
WHEREAS, the Department of Planning and Development ("DPD") desires to make a grant (the "Grant") to the applicant named in Exhibit A (the "Grantee") for the purpose of wholly or partially funding certain costs (the "TIF-Funded Improvements") of the Project described in Exhibit A (the "Project"), in the amount and under the terms and conditions set forth in Exhibit A; and
WHEREAS, a budget for the Project and a description of the TIF-Funded Improvements are each incorporated into Exhibit A; and
WHEREAS, the Project lies wholly within the boundaries of the Redevelopment Area; and
WHEREAS, the Grantee will be obligated to undertake the Project in accordance with the Plan and the terms and conditions set forth in Exhi...