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This record contains private information, which has been redacted from public viewing.
Record #: O2022-3605   
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 Yellow Banana LLC and utilization of tax increment financing (TIF) assistance for acquisition, rehabilitation and operation of full-service grocery stores at 10700 S Halsted St, 2858 E 83rd St, 420 S Pulaski Rd, 4439 W 63rd St, 7240 S Stony Island Ave and 7908 S Halsted St
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2022-3605.pdf, 2. O2022-3605 (V1).pdf
ORDINANCE

WHEREAS, pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "Act"), the City Council ofthe City (the "City Council"): (i) approved and adopted a redevelopment plan and project (each, a "Plan") for the redevelopment project areas (each, a "Redevelopment Area") identified in Exhibit A attached hereto; (ii) designated each Redevelopment Area as a "redevelopment project area"; and (iii) adopted tax increment allocation financing for each Redevelopment Area, pursuant to ordinances (collectively, the "TIF Ordinances") adopted on the dates and published in the Journal of Proceedings of the City Council for such dates identified in Exhibit A; and

WHEREAS, Yellow Banana, LLC, a Delaware limited liability company ("Master Developer"); Yellow Banana Illinois LLC, an Illinois limited liability company ("Tenant"), 420 South Pulaski, LLC, an Illinois limited liability company ("Store 1 Owner"); 2858 East 83rd, LLC, an Illinois limited liability company ("Store 2 Owner"); 4439 West 63rd, LLC, an Illinois limited liability company ("Store 3 Owner"); 7240 South Stony Island, LLC, an Illinois limited liability company ("Store 4 Owner"); 10700 South Halsted, LLC, an Illinois limited liability company ("Store 5 Owner"); and 7908 South Halsted, LLC, an Illinois limited liability company ("Store 6 Owner") (each a "Store Owner" and, together with each other Store Owner, Master Developer and Tenant, the "Developer") seek to undertake redevelopment projects in the Redevelopment Areas identified in Exhibit A; and

WHEREAS, each Store Owner is the owner of, or intends to acquire, certain property (each a "Property") located within a Redevelopment Area and identified in Exhibit A, and shall complete rehabilitation ofthe building located on each such Property (each a "Facility" or "Store"); and

WHEREAS, the rehabilitation of each Facility will include, among other things, (a), base building work (re-roofing, facade and...

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