Share to Facebook Share to Twitter Bookmark and Share
Record #: O2022-3937   
Type: Ordinance Status: Passed
Intro date: 12/14/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 1/18/2023
Title: Sixty-third amending agreement with SomerCor, Inc. to extend program to new LaSalle/Central Redevelopment Tax Increment Financing (TIF) Redevelopment Project Area, increase funding, amend Small Business Improvement Fund (SBIF) program rules, and continue SomerCor, Inc. as provider of administrative services
Sponsors: Lightfoot, Lori E.
Topic: TAX INCREMENT FINANCING DISTRICTS - LaSalle Central T.I.F. - Neighborhood Improvement Program
Attachments: 1. O2022-3937.pdf



OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR


December 14, 2022










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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith an ordinance authorizing theexecution of an amendment to the Administrative Services Agreement with SomerCor.

Your favorable consideration ofthis ordinance will be appreciated.

ORDINANCE

WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois, is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg., as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, by an ordinance adopted by the City Council of the City ("City Council") on July 21, 1999, and published in the Journal of Proceedings ofthe City Council ("Journal") for said date at pages 8307 to 8344, inclusive (the "Program Ordinance"), the City implemented a redevelopment program known as the Small Business Improvement Fund program (the "Program") to provide financing assistance pursuant to the Act for the improvement of commercial and industrial facilities of small businesses in certain redevelopment project areas ofthe City; and

WHEREAS, by ordinances adopted by the City Council, the first on November 8, 2000, and published in the Journal for said date at pages 43877 to 43930, inclusive (the "First Amending Ordinance") and the most recent sixty-second amending ordinance adopted by the City Council on October 26, 2022 and published in the Journal for said date at pages 52973 through 53001, inclusive (the "Sixty-Second Amending Ordinance," collectively with the Program Ordinance, the First Amending Ordinance and the other amending ordinances...

Click here for full text