Office of the City Clerk - Record #: O2023-998

• Record #: O2023-998
• Type: Ordinance
• Status: Passed
• Intro date: 2/1/2023
• Current Controlling Legislative Body: Committee on Finance
• Final action: 2/1/2023
• Title: Adoption of Tax Increment Allocation Financing (TIF) for Amendment No. 1 to redevelopment plan for expanded Madden/Wells Redevelopment Project Area
• Sponsors: Dept./Agency
• Topic: TAX INCREMENT FINANCING DISTRICTS - Madden/Wells T.I.F. - Adoption

Date	Journal Page Number	Action By	Action	Result
2/1/2023	60241	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 adoption of Tax Increment Allocation Financing (TIF) for Amendment No. 1 to redevelopment plan for expanded Madden/Wells Redevelopment Project Area.

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 ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR AMENDMENTS TO THE REDEVELOPMENT PLAN FOR THE EXPANDED MADDEN/WELLS REDEVELOPMENT PROJECT AREA

WHEREAS, the City of Chicago (the "City"), by an ordinance adopted by the City Council ofthe 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. seq, 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, pursuant to the Designation Ordinance (defined below), the City, to encourage redevelopment of areas located adjacent to the Original Redevelopment Project Area, has expanded the boundaries of the Original Redevel...