Office of the City Clerk - Record #: SO2022-3813

• Record #: SO2022-3813
• Type: Ordinance
• Status: Passed
• Intro date: 11/16/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 12/14/2022
• Title: Redevelopment agreement with 4300 Roosevelt LLC and provision of Tax Increment Financing (TIF) assistance for construction of facilities and parking area at 4300 W Roosevelt Rd and 4301 W Fifth Ave
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
12/14/2022	57419	City Council	Passed	Pass
12/12/2022		Committee on Finance	Recommended to Pass
12/12/2022		Committee on Finance	Substituted in Committee
11/16/2022	55843	City Council	Referred

CHICAGO December 14, 2022

To the President and Members of the City Council:

Your Committee on Finance having had under consideration a communication recommending a proposed ordinance regarding the authority to enter into and execute a redevelopment agreement with 4300 Roosevelt LLC and provision of Tax Increment Financing (TIF) funds assistance for construction of facilities and parking area at 4300 West Roosevelt Road and 4301 West Fifth Avenue in the 24th Ward.

SO2022-3813
TIF Amount: $8,000,000


















Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed
committee with|1010|

This recommendation was concurred in by viva voce vote of members of the
dissenting vote(s).



Respectfully submitted,


Chairman

SUBSTITUTE ORDINANCE

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") on February 5, 1998, and published at pages 60917 to 61057 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 Roosevelt/Cicero Area 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 seq.) (the "Act"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on February 5, 1998, and published at pages 61058 to 61064 ofthe Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance adopted by the City Council on February 5, 1998, and published at pages 61065 to 61071 of the Journal of such date (the "TIF Ordinance"), 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, the Plan and/or the Area were amended pursuant to ordinances adopted by the City Council on...