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Record #: O2023-890   
Type: Ordinance Status: Passed
Intro date: 1/18/2023 Current Controlling Legislative Body: Committee on Finance
Final action: 2/1/2023
Title: Redevelopment agreement with American Blues Theater NFP and provision of tax increment financing (TIF) assistance for construction of theater facility at 5627 N Lincoln Ave
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2023-890.pdf


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

January 18, 2023










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 an ordinance authorizing the execution of a TIF redevelopment agreement with American Blues Theater for the development ofa vacant property located at 5627 North Lincoln Avenue.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours.

ORDINANCE
WHEREAS, pursuant to ordinances adopted by the City Council (the "City Council") ofthe City of Chicago (the "City"), published in the Journal ofthe Proceedings ofthe City Council ofthe City for such date identified on Exhibit A attached hereto, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seq., as amended (the "Act"), the City Council: (i) approved and adopted a redevelopment plan and project (the "Plan") for a portion of the City identified on Exhibit A (the "Redevelopment Area"); (ii) designated the Redevelopment Area as a "redevelopment project area" within the requirements of the Act; and (iii) adopted tax increment allocation financing for the Redevelopment Area (items (i)-(iii), each as amended from time to time, collectively the "TIF Ordinance"); and
WHEREAS, the Department of Planning and Development ("DPD") desires to make a grant (the "Grant") to the Developer named in Exhibit A (the "Grantee") for the purpose of wholly or partially funding certain costs (the "TIF-Funded Improvements") of the Project described in Exhibit A (the "Project"), in the amount and under the terms and conditions set forth in Exhibit A; and
WHEREAS, a budget for the Project and a description of the TIF-Funded Improvements are each incorporated into Exhibit A; and
WHEREAS, the Project lies wholly within the boundaries ofthe Redevelopment Area; and
WHEREAS, the Grantee will be obligated to undertake the Proj...

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