Office of the City Clerk - Record #: O2022-3794

• Record #: O2022-3794
• Type: Ordinance
• Status: Passed
• Intro date: 11/16/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 12/14/2022
• Title: Issuance and transfer of various Tax Increment Financing (TIF) funds to augment Metra realignment and 15th Street components overseen by Chicago Department of Transportation for University of Illinois Discovery Partners Institute project at 1501 S Wells St
• Sponsors: Lightfoot, Lori E.
• Topic: FINANCE FUNDS - Transfer

Date	Journal Page Number	Action By	Action	Result
12/14/2022	57818	City Council	Passed	Pass
12/12/2022		Committee on Finance	Recommended to Pass
11/16/2022	55838	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR
November 16, 2022










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


Ladies and Gentlemen: ¦

At the request of the Commissioner of Transportation, 1 transmit herewith an ordinance authorizing the issuance of TIF funds to support the development of enabling infrastructure for the University of Illinois' Discovery Partners Institute.

Your favorable consideration ofthis ordinance will be appreciated.

ORDINANCE

WHEREAS, to induce certain redevelopment pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended (the "Act"), in accordance with the provisions of the Act, pursuant to ordinances adopted on April 10, 2019, the City Council ("City Council") ofthe City of Chicago (the "City"): (1) approved and adopted a redevelopment plan (the "Redevelopment Plan") for the Roosevelt/Clark Redevelopment Project Area (the "Redevelopment Area") of the City; (2) designated the Redevelopment Area as a "redevelopment project area" pursuant to the Act; and (3) adopted tax increment allocation financing for the Redevelopment Area (such ordinance, the "TIF Ordinance"); and

WHEREAS, ad valorem taxes which, pursuant to the TIF Ordinance and Section 5/11-74.4-8(b) of the Act, are allocated to and when collected are paid to the Treasurer of the City for deposit by the Treasurer into a redevelopment project area special tax allocation fund established to pay redevelopment project costs (as defined in the Act) and obligations incurred in the payment thereof are known generally as "Increment," and Increment from the Redevelopment Area shall be known herein as "Roosevelt/Clark Increment"; and

WHEREAS, The Board of Trustees of the University of Illinois, a public corporation ("University of Illinois") plans to build a structure (the "DPI Innovation Hub") to house the Discovery Partners Institute, consisting of an approximately 200,000 square-foot innovation hu...