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This record contains private information, which has been redacted from public viewing.
Record #: O2022-3603   
Type: Ordinance Status: Passed
Intro date: 10/26/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 11/16/2022
Title: Redevelopment agreement with The Institute of Cultural Affairs utilizing tax incremental financing (TIF) assistance for rehabilitation of facility at 4750 N Sheridan Rd
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2022-3603.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
October 26. 2022










TO THE HONORABLE. HI! CITY COUNCIL OF THE CI TY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner ol'Planning and Development, I transmit herewith an ordinance authorizing the execution of a tax increment financing redevelopment agreement with the Institute of Cultural Affairs.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours.

Mayor
ORDINANCE


WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on June 27, 2001 and published at pages 62216 to 62320 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Plan") for the Lawrence/Broadway Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg) (the "Act"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on June 27, 2001 and published at pages 62321 to 62330 of the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on June 27, 2001 and published at pages 62331 to 62340 of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and

WHEREAS, ICA Landlord LLC, an Illinois limited liability company ("QALICB") is a tenant pursuant to a long term lease with the Owner (described below) on property generally located at 4750 North Sheridan Road Chicago, Illinois 60640 (the "Site") which is within the Area; and

WHEREAS, The Institute of Cultural Affairs, an Illinois not-for-profit corporation ("ICA") is an affiliate of QALICB; and

WHE...

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