Record #: O2022-2930   
Type: Ordinance Status: Passed
Intro date: 9/21/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 10/26/2022
Title: Amendment No. 3 to Western/Ogden Tax Increment Financing Redevelopment Project and Plan extending payment of project ad valorem taxes twelve years to December 31, 2034
Sponsors: Lightfoot, Lori E.
Topic: TAX INCREMENT FINANCING DISTRICTS - Western/Ogden T.I.F. - Amendment
Attachments: 1. O2022-2930.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
September 21. 2022










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


Ladies and Gentlemen:

Al the request of the Commissioner of Planning and Development, 1 transmit herewith ordinances authorizing amendments to six TIF redevelopment plans and projects to extend the term of the districts by 12 years.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours,

Mayor
ORDINANCE

WHEREAS, pursuant to ordinances adopted on February 5, 1998, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 61204 to 61411, 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") of the City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Original Plan") for a portion of the City known as the "Western/Ogden Redevelopment Project Area" (the "Area") (the "Original 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 Original Plan Ordinance and the Designation Ordinance, referred to herein collectively as the "TIF Ordinances"); and

WHEREAS, the Corporate Authorities amended the Original Plan Ordinance pursuant to ordinances adopted on July 30,2014, and published in the Journal for such date at pages 84889 to 84892 ("Amendment No. 1"), and on April 24, 2020, and published in the Journal for such date at pages 15327 to 15329 ("Amendment No. 2" and together with the Original Plan and Amendment No. 1, the "Plan"); and

WHEREAS, the Original Plan established the estimated dates of completion of the redevelopment project described in the Plan and of the retirement of obligatio...

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