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This record contains private information, which has been redacted from public viewing.
Record #: O2022-3574   
Type: Ordinance Status: Passed
Intro date: 10/26/2022 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 11/16/2022
Title: Amendment to site preparation redevelopment agreement with Chicago Neighborhood Initiatives, Inc. revising commencement and completion deadlines and required number of lots to be renovated
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2022-3574.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
October 26, 2022










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing an amendment to the Reclaiming Chicago Redevelopment Agreement with th Chicago Neighborhood Initiatives, Inc.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours,

Mayor
ORDINANCE

WHEREAS, pursuant to ordinances adopted by the City Council (the "City Council") of the City of Chicago (the "City") on (i) April 9, 2008 with respect to the Ogden/Pulaski Redevelopment Project Area and (ii) May 17, 2000, as amended on April 14, 2010, May 9, 2012, and December 9, 2015 with respect to the Midwest Redevelopment Project Area (each, a "Redevelopment Area" and collectively, the "Redevelopment Areas") and published in the Journal of the Proceedings of the City Council of the City (the "Journal"), the City Council, under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seq., as amended (the "Act"): (i) approved redevelopment plans and projects (each, a "Redevelopment Plan" and collectively, the "Redevelopment Plans"); (ii) designated the Redevelopment Areas as redevelopment project areas; and (iii) adopted tax increment financing as means of financing certain Redevelopment Area project costs (as defined in the Act) incurred pursuant to the Redevelopment Plans; and

WHEREAS, pursuant to an ordinance adopted by the City Council on November 17, 2021, and published at pages 41,021-41,084 of the Journal for such date, the City entered into that certain CNI Site Preparation Redevelopment Agreement ("RDA") dated as of October 18, 2022 by the City and Chicago Neighborhood Initiatives, Inc., an Illinois not-for-profit corporation (the "Developer"); and

WHEREAS, the City desires to amend the RDA to, among other things, extend the deadlines for commencement a...

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