Office of the City Clerk - Record #: O2023-997

• Record #: O2023-997
• Type: Ordinance
• Status: Passed
• Intro date: 2/1/2023
• Current Controlling Legislative Body: Committee on Finance
• Final action: 2/1/2023
• Title: Designation of Amendment No. 1 expanded Madden/Wells Redevelopment Project Area as redevelopment project area pursuant to Tax Increment Allocation Redevelopment Act
• Sponsors: Dept./Agency
• Topic: TAX INCREMENT FINANCING DISTRICTS - Madden/Wells T.I.F. - Designation

Date	Journal Page Number	Action By	Action	Result
2/1/2023	60234	City Council	Passed	Pass
1/31/2023		Committee on Finance	Direct Introduction

CHICAGO February 1, 2023

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 the designation of Amendment No. 1 expanded Madden/Wells Redevelopment Project Area as redevelopment project area pursuant to Tax Increment Allocation Redevelopment Act.

Direct Introduction





















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


This recommendation was concurred in by viva voce vote of members of the
committee with|99|dissenting vote(s).



Respectfully submitted,



(signed)

Chairman

AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS
DESIGNATING THE EXPANDED MADDEN/WELLS REDEVELOPMENT
PROJECT AREA A REDEVELOPMENT PROJECT AREA PURSUANT TO THE TAX INCREMENT ALLOCATION REDEVELOPMENT ACT

WHEREAS, the City of Chicago (the "City"), by an ordinance adopted by the City Council of the City (the "City Council") on November 6, 2002, approved a redevelopment plan for a portion of the City known as the Madden/Wells Redevelopment Project Area (the "Original Redevelopment Project Area") for the purpose of implementing tax increment allocation financing ("Tax Increment Allocation Financing") pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et. seg, as amended (the "Act"); and

WHEREAS, the City Council adopted an ordinance on November 6, 2002 designating the Original Redevelopment Project Area as a redevelopment project area pursuant to the Act; and

WHEREAS, the City Council adopted an ordinance on November 6, 2002 adopting Tax Increment Allocation Financing for the Original Redevelopment Project Area pursuant to the Act; and

WHEREAS, it is desirable and in the best interests of the citizens of the City for the City to encourage development of areas located adjacent to the Original Redevelopment Project Area b...