Record #: O2022-3804   
Type: Ordinance Status: Passed
Intro date: 11/16/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 12/14/2022
Title: Designation of third amendment expanding Pulaski Corridor Tax Increment Financing (TIF) Redevelopment Area
Sponsors: Lightfoot, Lori E.
Topic: TAX INCREMENT FINANCING DISTRICTS - Pulaski Corridor T.I.F.
Attachments: 1. O2022-3804.pdf, 2. O2022-3804 (V1).pdf
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS DESIGNATING THE EXPANDED PULASKI CORRIDOR REDEVELOPMENT
PROJECT AREA A REDEVELOPMENT PROJECT AREA PURSUANT TO THE TAX INCREMENT ALLOCATION REDEVELOPMENT ACT
WHEREAS, pursuant to ordinances adopted on June 9, 1999, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date, 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 "Pulaski Corridor Redevelopment Project Area" (the "Original Project 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 an ordinance adopted on October 3, 2012, and published in the Journal for such date at pages 33746 to 33748 ("Amendment No. 1"); and

WHEREAS, Amendment No. 1 amended the Original Plan to change the land uses proposed in the Original Plan with respect to certain parcels of property; and

WHEREAS, the Original Plan established the estimated dates of completion of the redevelopment project described in the Plan and of the retirement of obligations issued to finance redevelopment project costs to be June 9, 2022, which date is not more than twenty-three (23) years from the date of the adoption of the Designation Ordinance, and the Corporate Authorities made a finding in the Original Plan Ordinance that such date was not more than twenty-three (23) years...

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