Office of the City Clerk - Record #: O2022-4002

• Record #: O2022-4002
• Type: Ordinance
• Status: Passed
• Intro date: 12/14/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 1/18/2023
• Title: Redevelopment agreement with mHUB Support Corporation and mHUB for acquisition and rehabilitation of facility at 240 N Ashland Ave augmented with eligible Tax Increment Financing (TIF) funds
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
1/18/2023	59350	City Council	Passed	Pass
1/12/2023		Committee on Finance
12/14/2022	57231	City Council	Referred

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 ofthe Commissioner of Planning and Development, I transmit herewith ordinance authorizing the execution of a TIF redevelopment agreement with mITUB for the renovation ofthe property located at 240 North Ashland Avenue.

Your favorable consideration ofthis ordinance will be appreciated.
ORDINANCE


WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Sec­tion 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois; and

WHEREAS, pursuant to an ordinance adopted by the City Council (the "City Council") of the City on June 10, 1998, and published at pages 70368-70499 ofthe Journal of Proceedings of the City Council (the "Journal") of such date, which ordinance was amended on May 12, 2010 and published at pages 89655-89664 of the Journal of such date, a certain redevelopment plan and project (the "Plan") for the Kinzie Industrial Corridor 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 seg.) (the "Act"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on June 10, 1998, and published at pages 70500-70512 of the 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 June 10, 1998, and published at pages 70512-70520 ofthe 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, pursuant to Section 5/11-74.4-8(b) of the Act and the TIF Ordinance, incre­mental taxes ("Incremental Taxes") are deposited from time to time in the "...