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 approval of Amendment No. 3 to 43rd/Cottage Grove Redevelopment Plan for expansion of 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|9 9|dissenting vote(s).
Respectfully submitted,
(signed)
Chairman
Department of Planning and Development city of chicago
January 31, 2023
TO THE HONORABLE, THE CHAIRMAN AND MEMBERS OF THE CITY OF CHICAGO COMMITTEE ON FINANCE
Ladies and Gentlemen:
I transmit herewith ordinances authorizing the 3rd amendment to the 43rd / Cottage Grove TIF Redevelopment project and plan.
Your favorable consideration of these ordinances will be appreciated. Very truly yours,
Maurice D. Cox,
Commissioner
121 NORTH LASALLE STREET, ROOM 1000. CHICAGO, ILLINOIS 60602
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS
APPROVING AMENDMENT #3 TO THE REDEVELOPMENT PLAN FOR THE 43rd/COTTAGE GROVE REDEVELOPMENT PROJECT AREA
WHEREAS, the City of Chicago (the "City"), by an ordinance adopted by the City Council of the City (the "City Council") on July 8, 1998, approved a redevelopment plan (the "Original Plan") for a portion of the City known as the 43rd/Cottage Grove 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 July 8, 1998 designating the Original Redevelopment Project Area as a redevelopment project area pursuant to the Act; and
WHEREAS, the City Council adopted an ordinance on July 8, 1998 adopting Tax Increment Allocation Financing for the Original Redevelopment Project Area pursuant to the Act; and
WHEREAS, The Original Redevelopment Project Area was previously amended on September 29, 2004, adding area to it (as amended, the "Amended Original Redevelopment Project Area") and amended again on December 14, 2022 to extend the termination date of the Amended Original Redevelopment Area; 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 Amended Original Redevelopment Project Area by expanding the boundaries of the Amended Original Redevelopment Project Area and designating such expanded project area as a redevelopment project area under the Act to be known as the 43rd/Cottage Grove Redevelopment Project Area Amendment #3 (the "Expanded Area"); and
WHEREAS, the City desires further to supplement and amend the redevelopment plan for the Amended Original Redevelopment Project Area to provide for the redevelopment of the Expanded Area; and
WHEREAS, the City has caused to be prepared an eligibility study entitled "2022 Expansion Area Eligibility Report" (the "Eligibility Study") of the proposed additional portions ("Added Area") of the Expanded Area, which Eligibility Study confirms the existence within the Added Area of various vacant land blight factors and conservation factors as set forth in the Act and supports a finding of eligibility of the Added Area for designation as a vacant land blighted area and conservation area under the Act; and
WHEREAS, it is desirable and in the best interest of the citizens of the City for the City to implement Tax Increment Allocation Financing pursuant to the Act for the Expanded Area described in Section 2 ofthis ordinance, to be redeveloped pursuant to a proposed redevelopment plan and project attached hereto as Exhibit A (the "Amended Plan"); and
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WHEREAS, the Community Development Commission (the "Commission") ofthe City has heretofore been appointed by the Mayor of the City with the approval of its City Council (the City Council, referred to herein collectively with the Mayor as the "Corporate Authorities") (as codified in Section 2-124 of the City's Municipal Code) pursuant to Section 5/11-74.4-4(k) of the Act; and
WHEREAS, the Commission is empowered by the Corporate Authorities to exercise certain powers enumerated in Section 5/11-74.4-4(k) of the Act, including the holding of certain public hearings required by the Act; and
WHEREAS, pursuant to Sections 5/11-74.4-4 and 5/11-74.4-5 ofthe Act, the Commission, by authority of the Corporate Authorities, called a public hearing (the "Hearing") on November 8, 2022, concerning approval of the Amended Plan, designation of the Expanded Area as a redevelopment project area pursuant to the Act and adoption of Tax Increment Allocation Financing within the Expanded Area pursuant to the Act; and
WHEREAS, the Amended Plan (including the Eligibility Study attached thereto as an exhibit) was made available for public inspection and review pursuant to Section 5/11-74.4-5(a) of the Act beginning September 2, 2022, being a date not less than 10 days prior to the adoption by the Commission of Resolution 22-CDC-45 on September 13, 2022, fixing the time and place forthe Hearing, via Zoom webinar, in the following offices: City Clerk, Room 107 and Department of Planning and Development, Room 1000; and
WHEREAS, pursuant to Section 5/11-74.4-5(a) of the Act, notice of the availability of the Amended Plan (including the Eligibility Study attached thereto as an exhibit) and of how to obtain the same was sent by mail on September 13, 2022, which is within a reasonable time after the adoption by the Commission of Resolution 22-CDC-45, to: (a) all residential addresses that, after a good faith effort, were determined to be (i) located within the Expanded Area, and (ii) located within 750 feet of the boundaries of the Expanded Area (or, if applicable, were determined to be the 750 residential addresses that were closest to the boundaries of the Expanded Area); and (b) organizations and residents that were registered interested parties for such Expanded Area; and
WHEREAS, due notice ofthe Hearing was given pursuant to Section 5/11-74.4-6 of the Act, said notice being given to all taxing districts having taxable property within the Expanded Area and to the Department of Commerce and Economic Opportunity of the State of Illinois by certified mail on August 15, 2022, by publication in the Chicago Tribune on October 27, 2022 and the second publication being on October 28, 2022, and by certified mail to taxpayers within the Expanded Area on October 28, 2022; and
WHEREAS, a meeting of the joint review board established pursuant to Section 5/11-74.4-5(b) of the Act (the "Board") was convened upon the provision of due notice on October 6, 2022, at 10:00 a.m., to review the matters properly coming before the Board and to allow it to provide its advisory recommendation regarding the approval of the Amended Plan, designation of the Expanded Area as a redevelopment project area pursuant to the Act and adoption of Tax Increment Allocation Financing within the Expanded Area, and other matters, if any, properly before it; and
WHEREAS, pursuant to Sections 5/11 -74.4-4 and 5/11 -74.4-5 of the Act, the Commission
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held the Hearing concerning approval ofthe Amended Plan, designation ofthe Added Area (and, with the Amended Original Redevelopment Project Area, the Expanded Area) as a redevelopment project area pursuant to the Act, and adoption of Tax Increment Allocation Financing within the Added Area (and, with the Amended Original Redevelopment Project Area, within the Expanded Area) pursuant to the Act, on November 8, 2022; and
WHEREAS, the Commission has forwarded to the City Council a copy of its Resolution 22-CDC-61, attached hereto as Exhibit B, adopted on November 8, 2022, recommending to the City Council approval of the Amended Plan, among other related matters; and
WHEREAS, the Corporate Authorities have reviewed the Amended Plan (including the Eligibility Study attached thereto as an exhibit), testimony from the Hearing, if any, the recommendation of the Board, if any, the recommendation of the Commission and such other matters or studies as the Corporate Authorities have deemed necessary or appropriate to make the findings set forth herein, and are generally informed ofthe conditions existing in the Expanded Area; now therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
Section 1. Recitals. The above recitals are incorporated herein and made a part hereof.
Section 2. The Expanded Area. The Expanded Area is legally described in Exhibit C attached hereto and incorporated herein. The street location (as near as practicable) for the Expanded Area is described in Exhibit D attached hereto and incorporated herein. The map of the Expanded Area is depicted on Exhibit E attached hereto and incorporated herein.
Section 3. Findings. The Corporate Authorities hereby make the following findings as required pursuant to Section 5/11-74.4-3(n) of the Act:
The Expanded Area on the whole has not been subject to growth and development through investment by private enterprise and would not reasonably be expected to be developed without the adoption ofthe Amended Plan;
The Amended Plan:
conforms to the comprehensive plan for the development of the City as a whole; or
either (A) conforms to the strategic economic development or redevelopment plan issued by the Chicago Plan Commission, or (B) includes land uses that have been approved by the Chicago Plan Commission;
The Amended Plan meets all of the requirements of a redevelopment plan as defined in the Act and, as set forth in the Amended Plan, the estimated date of completion of the projects described therein and retirement of all obligations issued to finance redevelopment project costs is not later than December 31 of the year in which the payment to the municipal treasurer as provided in subsection (b) of Section 11-74.4-8 of the Act is to be made with respect to ad valorem taxes levied in the thirty-fifth calendar
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year after the year in which the ordinance approving the redevelopment project area is adopted, and, as required pursuant to Section 5/11-74.4-7 of the Act, no such obligation shall have a maturity date greater than 20 years.
Section 4. Approval of the Amended Plan. The City hereby approves the Amended Plan pursuant to Section 5/11-74.4-4 of the Act.
Section 5. Powers of Eminent Domain. In compliance with Section 5/11-74.4-4(c) of the Act and with the Amended Plan, the Corporation Counsel is authorized to negotiate for the acquisition by the City of parcels contained within the Expanded Area. In the event the Corporation Counsel is unable to acquire any of said parcels through negotiation, the Corporation Counsel is authorized to institute eminent domain proceedings to acquire such parcels. Nothing herein shall be in derogation of any proper authority.
Section 6. Invalidity of Anv Section. If any provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such provision shall not affect any of the remaining provisions of this ordinance.
Section 7. Superseder. All ordinances, resolutions, motions or orders in conflict with this ordinance are hereby repealed to the extent of such conflict.
Section 8. Effective Date. This ordinance shall be effective as of the date of its passage and approval.
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List of Attachments
Exhibit A: The Amended Plan
Exhibit B: CDC Resolution recommending to City Council approval of the Amended Plan, designation of the Expanded Area and adoption of Tax Increment Allocation Financing
Exhibit C: Legal description of the Expanded Area Exhibit D: Street location of the Expanded Area Exhibit E: Map of the Expanded Area
Exhibit A
The Amended Plan|1010|
City of Chicago, IL
43rd/Cottage Grove Redevelopment Project Area
Tax Increment Financing Program Redevelopment Plan and Project Amendment No. 3
September 2, 2022
0 SBFRIEDMAN
CITY OF CHICAGO, IL
43rd/Cottage Grove Redevelopment Project Area
Tax Increment Financing Program Redevelopment Plan and Project Amendment No. 3
September 2, 2022
S B FRIEDMAN DEVELOPMENT ADVISORS, LLC
221 N. LaSalle St. Suite 820 Chicago, IL 60601
T: 312.424.4250 F. 312.424.4262 E" info@sbfriedman.com
Contact: Geoff Dickinson
T: 312-384-2404 E: gdickinsongSsbfnedman com
SB Friedman Development Advisors
CITY OF CHICAGO, IL
43RD/Cottage Grove Redevelopment Project Area
Tax Increment Financing Program Redevelopment Plan and Project
Amendment No. 3
Table of Contents
Executive Summary
Section I. Introduction
Section II. Legal Description
Section III. Eligibility Conditions
Section IV. Redevelopment Goals and Policies
Section V. Redevelopment Project
Section VI. Lack of Growth and Development through Investment by Private Enterprise
Section VII. Financial Impact
Section VIII. Demand on Taxing District Services
Section IX. Conformity of the Redevelopment Plan for the Project Area to Land Uses Approved by the Planning Commission of the Commission of the City Section X. Phasing and Scheduling
Section XI. Provisions for Amending this Redevelopment Plan
Section XII. Commitment to Fair Employment Practices and Affirmative Action Plan
List of Exhibits
Exhibit I - Legal Description
Exhibit II - Acquisition Parcels
Exhibit III - Area EAV
Exhibit IV - Map Legend
Exhibit V - 43rd Street/Cottage Grove Avenue Tax Increment Financing Eligibility Study Amendment No 1, May 2004
Exhibit VI - 43rd Street/Cottage Grove Avenue Tax Increment Financing Housing Impact Study Amendment No. 1, May 2004
Exhibit VII - 43rd Street/Cottage Grove Avenue Redevelopment Plan and Project, March 10,1998 Exhibit VIII: 2022 Expansion Area Eligibility Report
Appendix 1: Limitations of the Eligibility Report and Consultant Responsibilities
Appendix 2: Glossary
Appendix 3: Required Tests and Findings
Appendix 4: Legal Description
Appendix 5: List of PINs in 2022 Expansion Area
S B FRIEDMAN DEVELOPMENT ADVISORS, LLC
221 N. LaSalle St. Suite 820 Chicago, IL 60601
T: 312.424 4250 F: 312.424 4262 E: info@sbfriedman.com
www.sbfriedman com
SB Friedman Development Advisors
Executive Summary
To induce redevelopment, pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74,4-1 et seq., as amended as needed (the "Act"), the City of Chicago (the "City") passed ordinances on July 8, 1998 that designated the 43r7Cottage Grove Redevelopment Project Area (the "Original Redevelopment Project Area" or the "Original RPA") as a Tax Increment Financing ("TIF") District, and that adopted a TIF Redevelopment Plan and Project (the "Redevelopment Plan and Project for 43rd Street/Cottage Grove Avenue Redevelopment Project Area Tax Increment Financing Program" or the "Original Plan") to guide redevelopment within the Original RPA.
The Original Plan was previously amended on May 27, 2004 ("Amendment No. 1") and on XXXX, 2022 ("Amendment No. 2"). The Original Plan, as amended by Amendment No. 1 and No. 2 is hereby referred to herein as the "Plan." The Original RPA, as previously amended by Amendment No. 1, is hereby referred to herein as the "Amended Redevelopment Project Area."
The main purposes of this document ("Amendment No. 3") are to expand the Amended Redevelopment Project Area and make changes to the Plan.
As a part of this work, we
Conducted an eligibility study (the "2022 Expansion Area Eligibility Report") for 40.6 acres of land (the "2022 Expansion Area") that are not contiguous with one another but adjoin the Amended Redevelopment Project Area. We found that the 2022 Expansion Area qualifies for inclusion in a TIF district as both a "blighted area" for vacant land and "conservation area" for improved land. The Amended Redevelopment Project Area and the 2022 Expansion Area are herein referred to collectively as the "Redevelopment Project Area."
Prepared an amendment to the Plan to be referred to as "Amendment No. 3".
This Amendment No. 3 comprises the analyses and findings of SB Friedman Development Advisors, LLC (the "Consultant"), which work, unless otherwise noted, is the responsibility ofthe Consultant. The City is entitled to rely on the findings and conclusions of this Amendment No. 3 in amending the Plan under the Act. The Consultant has prepared this Amendment No. 3 and the related eligibility study with the understanding that the City would rely: 1) on the findings and conclusions of the Plan and the related eligibility study in proceeding with the adoption and implementation of this Amendment No. 3, and 2) on the fact that the Consultant has obtained the necessary information so that the Plan, as amended hereby, and the related eligibility study, will comply with the Act.
Amendments to the 43rd/Cottage Grove Avenue Redevelopment Project Area Tax Increment Financing Program Redevelopment Plan and Project
The amendments to the Plan are presented section by section and follow the format of the Original Plan.
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
SECTION I. INTRODUCTION
Tax Increment Financing
Add the following at the end:
Amendment No. 3 has been formulated to amend the Plan in according with the provisions of the Act.
The 43rd/Cottage Grove Avenue Tax Increment Financing Redevelopment Project Area
Delete all language in this section and replace with the following:
The Redevelopment Project Area is located on the south side ofthe City a few miles south of Chicago's Loop. The Redevelopment Project Area is comprised of approximately 267.3 acres.
The boundary of the Redevelopment Project Area is shown-in Exhibit IV - Map 1.
SECTION II. LEGAL DESCRIPTION
Delete section and replace with the following:
The legal description of the Redevelopment Project Area is attached to this Plan as Exhibit I - Legal Description.
SECTION III. ELIGIBILITY CONDITIONS A. Project Area Eligibility
Add the following language to the end ofthe last paragraph:
The 2022 Expansion Area qualifies to be designated as a "blighted area" for vacant land and as a "conservation area" for improved land. The vacant land is eligible under a one-factor test due to flooding and contribution to flooding in the 2022 Expansion Area. The improved land is eligible as a "conservation area", with 57% of the structures within the 2022 Expansion Area at least 35 years of age or older, and three (3) of the thirteen (13) eligibility factors present to a meaningful extent and reasonably distributed within the 2022 Expansion Area.
The 2022 Expansion Area Eligibility Report is attached hereto as Exhibit VIII. SECTION IV. REDEVELOPMENT GOALS AND POLICIES A. General Goals
Add the following bullet points after the last bullet point:
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
Facilitate the physical improvement and/or rehabilitation of existing structures and facades within the Redevelopment Project Area, and encourage the construction of new commercial, residential, civic/cultural, public, and recreational development, where appropriate;
Foster the replacement, repair, construction and/or improvement of public infrastructure where needed, to create an environment conducive to private investment;
Facilitate the renovation or construction of stormwater management systems and flood control within the Redevelopment Project Area;
Provide resources for streetscaping, landscaping and signage to improve the image, attractiveness and accessibility ofthe Redevelopment Project Area, create a cohesive identity forthe Redevelopment Project Area and surrounding area, and provide, where appropriate, for buffering between different land uses and screening of unattractive service facilities such as parking lots and loading areas;
Facilitate the assembly and preparation, including demolition and environmental clean-up, where necessary, and marketing of available sites in the Redevelopment Project Area for redevelopment and new development by providing resources as allowed by the Act;
Support the goals and objectives of other overlapping plans, including, but not limited to the 2005 Quad Communities Quality of Life Plan facilitated by Local Initiatives Support Corporation (LISC), the City's 2009 Reconnecting Neighborhoods Plan, and the 2013 Bronzeville Retail District Land Use Plan facilitated by the Chicago Metropolitan Agency for Planning (CMAP) and subsequent plans;
Coordinate available federal, state and local resources to further the goals of the Plan;
Support sustainable development practices in the Redevelopment Project Area by encouraging public and private building, site and infrastructure improvements that: embody the principals of Smart Growth, incorporate "green building" technology, are energy efficient, and utilize best management practices to manage and filter stormwater runoff in an environmentally responsible manner;
Support job training and "welfare to work" programs, and increase employment opportunities for City residents; and
Provide opportunities for locally owned, women-owned and minority-owned businesses to share in the job creation and construction opportunities associated with the redevelopment of the Redevelopment Project Area.
SECTION V. REDEVELOPMENT PROJECT
Overall Redevelopment Concept - No changes.
Development and Design Objectives - No changes.
Redevelopment Improvements and Activities - No changes.
General Land Use Plan
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
Delete this subsection and replace with the following:-
The existing land uses of the Redevelopment Project Area as shown in Exhibit IV - Map 4 reflects the objectives of the Plan. For the purposes of the Plan, the mixed-use designation is meant to allow for a variety of uses throughout the Redevelopment Project Area, in a manner that is in conformance with City land use policy. The mixed-use designation allows for the following land uses within the Redevelopment Project Area:
Commercial
Residential
Public/Private Institutional
Park/Open Space
Community Facilities
Utilities
Industrial
Right-of-Way
To meet the goals and objectives of this Plan, the City may acquire and assemble property throughout the Project Area. Land assemblage by the City may be by purchase, exchange, donation, lease, eminent domain or through the Tax Reactivation Program and may be for the purpose of (a) sale, lease or conveyance to private developers, or (b) sale, lease, conveyance or dedication for the construction of public improvements or facilities. Furthermore, the City may require written redevelopment agreements with developers before acquiring any properties. As appropriate, the City may devote acquired property to temporary uses until such property is scheduled for disposition and development. In connection with the City exercising its power to acquire real property, including the exercise of the power of eminent domain, under the Act in implementing the Plan, the City will follow its customary procedures of having each such acquisition recommended by the Community Development Commission (or any successor commission) and authorized by the City Council of the City. Acquisition of such real property as may be authorized by the City Council does not constitute a change in the nature of this Plan.
The proposed future land use of the 2022 RPA, as shown in Exhibit IV - Map 5, reflects the objectives of this 2022 Redevelopment Plan and Project. For the purposes of this plan, the mixed-use designation is meant to allow for a variety of uses throughout the Redevelopment Project Area, in a manner that is in conformance with the City land use policy. The mixed-use designation allows for the following land uses within the Redevelopment Project Area RPA.
Commercial
Residential
Public/Private Institutional
Park/Open Space
Community Facilities
Utilities
Industrial|109|Right-of-Way
E. Redevelopment Project Costs
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
Add the following language to the beginning ofthis subsection:
The various redevelopment expenditures that are eligible for payment or reimbursement under the Act are reviewed below. Following this review is a list of estimated redevelopment project costs that are deemed to be necessary to implement this Plan (the "Redevelopment Project Costs").
In the event the Act is amended after the date of the approval of this Plan by the City Council of Chicago to (a) include new eligible redevelopment project costs, or (b) expand the scope or increase the amount of existing eligible redevelopment project costs (such as, for example, by increasing the amount of incurred interest costs that may be paid under 65 ILCS 5/11-74.4-3(q)(11)), this Plan shall be deemed to incorporate such additional, expanded or increased eligible costs as Redevelopment Project Costs under the Plan, to the extent permitted by the Act. In the event of such amendment(s) to the Act, the City may add any new eligible redevelopment project costs as a line item in Table 1 or otherwise adjust the line items in Table 1 without amendment to this Plan, to the extent permitted by the Act. In no instance, however, shall such additions or adjustments result in any increase in the total Redevelopment Project Costs without a further amendment to this Plan.
Replace 2. Estimated Redevelopment Project Costs in its entirety with the following-Amended Table 1 represents the eligible project costs for the Redevelopment Project Area as defined in the Act. This total in budget represents the upper limit on the potential costs that may be reimbursed or expended over the 35-year life of the Redevelopment Project Area. These funds are subject to the number of projects, the amount of TIF revenues generated, and the City's willingness to fund proposed projects on a project-by-project basis.
AMENDED TABLE 1 - ESTIMATED REDEVELOPMENT PROJECT COSTS
The total eligible redevelopment project costs define an upper expenditure limit that may be funded using tax increment revenues, exclusive of capitalized interest, issuance costs, interest, and other financing costs. The totals of line items are not intended to place a limit on the described expenditures. Adjustments to the estimated line-item costs are expected and may be made administratively by the City without amendment to this Redevelopment Plan, either increasing or decreasing line item costs because of changed redevelopment costs and needs. Each individual project cost will be re-evaluated in light of projected private development and resulting incremental tax revenues as it is considered for public financing underthe provisions ofthe Act The estimated eligible costs ofthis Redevelopment Plan are shown in Table 1 below.
Additional funding in the form of state and federal grants, private developer contributions, and other outside sources may be pursued by the City as a means of financing improvements and facilities within the Redevelopment Project Area.
Table 1: Estimated TIF-Eligible Redevelopment Project Costs
Eligible Expense [1] .Estimated Project Costs
Analysis, Administration, Marketing & Studies $800,000
Property Assembly $52,800,000
Rehabilitation of Existing Buildings & Affordable Housing Construction $52,900,000
Public Works & Improvements [1] $52,900,000
Relocation Costs $100,000
Financing Costs $100,000
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
Job Training $200,000
Day Care Services $100,000
Interest Subsidy $100,000
TOTAL REDEVELOPMENT PROJECT COSTS [2] [3] $160,000,000 [4]
[1] This category may also include paying for or reimbursing (i) an elementary, secondary or unit school district's increased costs attributed to assisted housing units, and (n) capital costs of taxing districts impacted by the redevelopment of the Project Area As permitted by the Act, to the extent the City by written agreement accepts and approves the same, the City may pay, or reimburse all, or a portion of a taxing district's capital costs resulting from a redevelopment project necessarily incurred or to be incurred within a taxing district in furtherance of the objectives of the Plan.
[2] Total Redevelopment Project Costs represent an upper limit on expenditures that are to be funded using tax increment revenues and exclude any additional financing costs, including any interest expense, capitalized interest and costs associated with optional redemptions These costs are subject to prevailing market conditions and are in addition to Total Redevelopment Project Costs Within this limit, adjustments may be made in line items without amendment to this Plan, to the extent permitted by the Act.
[3] The amount of the Total Redevelopment Project Costs that can be incurred in the Project Area will be reduced by the amount of redevelopment project costs incurred in contiguous redevelopment project areas, or those separated from the Project Area only by a public right-of-way, that are permitted under the Act to be paid, and are paid, from incremental property taxes generated in the Project Area, but will not be reduced by the amount of redevelopment project costs incurred in the Project Area which are paid from incremental property taxes generated in contiguous redevelopment project areas or those separated from the Project Area only by a public right-of-way
[4] All costs are in 2022 dollars and may be increased by five percent (5%) after adjusting for inflation reflected in the Consumer Price Index (CPI) for All Urban Consumers for All Items for the Chicago-Gary-Kenosha, IL-IN-WI CMSA, published by the U S Department of Labor.
Additional funding from other sources such as federal, state, county, or local grant funds may be utilized to supplement the City's ability to finance Redevelopment Project Costs identified above
Sources of Funds to Pay Redevelopment Project Costs - No changes.
Issuance of Obligations
The text of this subsection is hereby deleted and replaced with the following:
The City may issue obligations secured by Incremental Property Taxes pursuant to Section 11-74.4-7 of the Act. To enhance the security of a municipal obligation, the City may pledge its full faith and credit through the issuance of general obligations bonds. Additionally, the City may provide other legally permissible credit enhancements to any obligations issued pursuant to the Act.
The redevelopment project shall be completed, and all obligations issued to finance redevelopment costs shall be retired, no later than December 31 of the year in which the payment to the City treasurer as provided in the Act is to be made with respect to ad valorem taxes levied in the thirty-fifth calendar year following the year in which the ordinance approving the Redevelopment Project Area is adopted.
Also, the final maturity date of any such obligations which are issued may not be later than 20 years from their respective dates of issue. One or more series of obligations may be sold at one or more times in order to implement this Plan. Obligations may be issued on a parity or subordinated basis.
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
In addition to paying Redevelopment Project Costs, Incremental Property Taxes may be used for the scheduled retirement of obligations, mandatory or optional redemptions, establishment of debt service reserves and bond sinking funds. To the extent that Incremental Property Taxes are not needed for these purposes, and are not otherwise required, pledged, earmarked or otherwise designated for the payment of Redevelopment Project Costs, any excess Incremental Property Taxes shall then become available for distribution annually to taxing districts having jurisdiction over the Redevelopment Project Area in the manner provided by the Act.
H. Valuation of the Project Area
The text of this subsection is hereby deleted and replaced with the following:
I. Most Recent Equalized Assessed Value of Properties in the Redevelopment Project Area
The EAV for the Amended Redevelopment Project Area is $13,728,931 ("Base EAV"). Should the City amend and include the 2022 Expansion Area, the most recent Equalized Assessed Value (EAV) of the parcels in the 2022 Expansion Area will be included. The 2020 EAV (the most recent year in which final assessed values and equalization factor were available) of all parcels in the 2022 Expansion Area is $4,962,350 (the "2020 Expansion Area Initial EAV") This total EAV amount by property index number ("PIN") is summarized in Exhibit III. The EAV is subject to verification by the Cook County Assessor's Office. The sum of the Base EAV and the 2020 Expansion Area Initial EAV and after verification, certified by the Cook County Clerk, shall become the "Certified Base EAV" from which all incremental property taxes in the Redevelopment Project Area will be calculated by the County.
2. Anticipated Equalized Assessed Valuation
Based upon the expansion of the boundaries ofthe Redevelopment Project Area, numerous blighting factors will.be eliminated and growth and development ofthe Redevelopment Project Area will occur in accordance with the Redevelopment Agreement(s) between the City and businesses in the Redevelopment Project Area and other interested parties. It is estimated that the total EAV of the real property following completion of all phases of the redevelopment project in the Redevelopment Project Area will be approximately $160 million.
Add the following new subsection D as follows:
D. Strategy
The goals and objectives of the Plan are to be achieved through an integrated and comprehensive strategy that leverages public resources to stimulate additional private investment. The underlying strategy is to use tax increment generated by the Redevelopment Project Area, as well as other funding sources, to reinforce and encourage further private investment.
SECTION VI. LACK OF GROWTH AND DEVELOPMENT THROUGH INVESTMENT BY PRIVATE ENTERPRISE
Add the following language to the end ofthis subsection:
Refer to Exhibit VIII - Appendix 3 for similar findings for the 2022 Expansion Area.
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
SECTION VII. FINANCIAL IMPACT - No changes.
SECTION VIII. DEMAND ON TAXING DISTRICT SERVICES - No changes.
SECTION IX. CONFORMITY OF THE REDEVELOPMENT PLAN TO THE PLANS FOR DEVELOPMENT OF THE CITY OF CHICAGO AS A WHOLE AND USES THAT HAVE BEEN APPROVED BY THE PLAN COMMISSION OF THE CITY - No changes.
SECTION X. PHASING AND SCHEDULING
The text ofthis subsection is hereby deleted and replaced with the following:
Each private project within the Redevelopment Project Area receiving TIF benefits shall be governed by the terms of a written redevelopment agreement entered into'by a designated developer and the City. The Plan is estimated to be completed, and all obligations issued to finance redevelopment costs are estimated to be retired, no later than December 31 of the year in which the payment to the City provided in the Act is to be made with respect to ad valorem taxes levied in the thirty-fifth calendar year following the year in which the ordinance approving the Redevelopment Project Area was adopted. The Plan is estimated to be completed, and all obligations issued to finance redevelopment costs shall be retired no later than December 31, 2035
SECTION XI. PROVISION FOR AMENDING THE REDEVELOPMENT PLAN - No changes.
SECTION XII. COMMITMENT TO FAIR EMPLOYMENT PRACTICES AND AFFIRMATIVE ACTION PLAN
Paragraph 2 ofthis subsection is to be deleted and replaced with the following:
2. Redevelopers must meet the City's standards for participation of 26 percent Minority Business Enterprises and 6 percent Woman Business Enterprises and the City Resident Construction Worker Employment Requirement as required in redevelopment agreements.
LIST OF EXHIBITS
EXHIBIT I - LEGAL DESCRIPTION
This Exhibit is to be deleted and replaced with the following:
EXHIBIT I - LEGAL DESCRIPTION
ALL THAT PART OF WEST HALF OF SECTION 2, THE EAST HALF OF SECTION 3, THE NORTHEAST QUARTER OF SECTION 10 AND THE WEST HALF OF THE NORTHWEST QUARTER OF SECTION 11, ALL IN TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, BOUNDED AND DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF SOUTH VINCENNES AVENUE AND EAST 44™ STREET, BEING ALSO THE NORTHEAST CORNER OF LOT 1 IN C.W. HOFF'S SUBDIVISION OF LOTS 18 TO 21 IN WARD'S SUBDIVISION OF THE NORTH QUARTER, SOUTH HALF, NORTHWEST QUARTER, SOUTHEAST QUARTER OF SECTION 3, AFORESAID, ACCORDING TO THE PLAT THEREOF RECORDED DECEMBER 13,1897 AS DOCUMENT
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
NO 3626139: THENCE EASTERLY ALONG THE SOUTH LINE OF SAID EAST 44™ STREET EXTENDED TO AN INTERSECTION WITH THE WEST LINE OF SOUTH ST. LAWRENCE AVENUE, BEING ALSO THE NORTHEAST CORNER OF LOT 1 IN AFORESAID WARD'S SUBDIVISION RECORDED JUNE 13, 1841 (ANTE-FIRE): THENCE SOUTHERLY ALONG THE WEST LINE EXTENDED OF SAID ST. LAWRENCE AVENUE TO AN INTERSECTION WITH THE SOUTH LINE OF EAST 47™ STREET; THENCE CONTINUING SOUTH ALONG THE WEST LINE OF SOUTH ST. LAWRENCE AVENUE TO THE WESTERLY EXTENSION OF THE NORTH LINE OF LOT 47 IN BLOCK 1 IN THE SUBDIVISION OF LOTS 3, 4 AND 5 IN STONE AND MCGLASHAN'S SUBDIVISION OF THE NORTH HALF OF THE NORTH HALF OF THE NORTHEAST QUARTER OF SECTION 10, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, SAID NORTH LINE OF LOT 47 BEING ALSO THE SOUTH LINE OF THE ALLEY SOUTH OF EAST 47TH STREET; THENCE EAST ALONG SAID WESTERLY EXTENSION AND ALONG THE SOUTH LINE OF THE ALLEY SOUTH OF EAST 47TH STREET TO THE WEST LINE OF SOUTH EVANS AVENUE; THENCE SOUTH ALONG SAID WEST LINE OF SOUTH EVANS AVENUE TO THE SOUTH LINE OF EAST 48TH STREET; THENCE EAST ALONG SAID SOUTH LINE OF EAST 48TH STREET TO THE SOUTHERLY EXTENSION OF ' THE WEST LINE OF LOT 18 IN BLOCK 2 OF W. H. COLVIN'S SUBDIVISION OF LOTS 2, 3, 6, 7 AND 10 IN BLOCK 2 IN DREXEL AND SMITH'S SUBDIVISION OF THE WEST HALF OF THE NORTHWEST QUARTER AND THE WEST HALF OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 11, TOWNSHIP 38, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, SAID WEST LINE OF LOT 18 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND ALONG THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE TO THE NORTH LINE OF LOT 18 IN BLOCK 1 OF AFORESAID W. H. COLVIN'S SUBDIVISION, SAID NORTH LINE OF LOT 18 IN BLOCK 1 BEING ALSO THE SOUTH LINE OF THE ALLEY SOUTH OF EAST 47TH STREET; THENCE EAST ALONG SAID SOUTH LINE OF THE ALLEY SOUTH OF EAST 47TH STREET AND ALONG THE EASTERLY EXTENSION THEREOF TO THE WEST LINE OF LOTS 5 AND 6 IN THE RESUBDIVISION OF LOTS 1, 4, 5, 8 AND 9 IN BLOCK 2 OF AFORESAID DREXEL AND SMITH'S SUBDIVISION, SAID WEST LINE OF LOTS 5 AND 6 BEING ALSO THE EAST LINE OF THE ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY WEST OF SOUTH DREXEL BOULEVARD TO SOUTH LINE OF EAST 47TH STREET; THENCE EAST ALONG SAID SOUTH LINE OF EAST 47TH STREET TO THE EAST LINE OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG SAID EAST LINE OF SOUTH DREXEL BOULEVARD TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOT 6 IN THE RESUBDIVISION OF BLOCK 7 OF WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN; THENCE WEST ALONG SAID EASTERLY EXTENSION AND THE SOUTH LINE OF LOT 6 IN THE RESUBDIVISION OF BLOCK 7 OF WALKER AND STINSON'S SUBDIVISION TO THE WEST LINE OF SAID LOT 6, SAID WEST LINE OF LOT 6 BEING ALSO THE EAST LINE OF THE ALLEY WEST OF SOUTH DREXEL BOULEVARD;
THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY WEST OF SOUTH DREXEL BOULEVARD TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOTS 30 THROUGH 34, BOTH INCLUSIVE, IN SAID RESUBDIVISION OF BLOCK 7 OF WALKER AND STINSON'S SUBDIVISION, SAID SOUTH LINE OF LOTS 30 THROUGH 34 BEING ALSO THE NORTH LINE OF THE ALLEY NORTH OF EAST 47TH STREET; THENCE WEST ALONG SAID EASTERLY EXTENSION AND THE NORTH LINE OF THE ALLEY NORTH OF EAST 47TH STREET TO THE WEST LINE OF LOT 30 IN SAID RESUBDIVISION OF BLOCK 7 OF WALKER AND STINSON'S SUBDIVISION, SAID WEST LINE OF LOT 30 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE TO THE NORTH UNE OF LOT 14 IN HAINE'S SIDNEY AND LAYTON'S SUBDIVISION OF BLOCK 6 OF AFORESAID WALKER AND STINSON'S SUBDIVISION, SAID NORTH LINE OF LOT 14 BEING ALSO THE SOUTH LINE OF THE ALLEY NORTH OF EAST 46TH STREET; THENCE EAST ALONG SAID NORTH LINE OF LOT 14 TO THE SOUTHERLY EXTENSION OF THE WEST LINE OF LOTS 5 THROUGH 8, BOTH INCLUSIVE, IN SAID HAINE'S SIDNEY AND LAYTON'S SUBDIVISION, SAID WEST LINE OF LOTS 5 THROUGH 8 BEING ALSO THE EAST LINE
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE AND ALONG THE NORTHERLY EXTENSION THEREOF TO THE SOUTH LINE OF LOT 27 IN SAID HAINE'S SIDNEY AND LAYTON'S SUBDIVISION, SAID SOUTH LINE OF LOT 27 BEING ALSO THE NORTH LINE OF THE ALLEY SOUTH OF EAST 45TH STREET; THENCE WEST ALONG SAID SOUTH LINE OF LOT 27 IN HAINE'S SIDNEY AND LAYTON'S SUBDIVISION TO THE WEST LINE THEREOF, SAID WEST LINE OF LOT 27 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID WEST LINE OF LOT 27 HAINE'S SIDNEY AND LAYTON'S SUBDIVISION -AND ALONG THE NORTHERLY EXTENSION THEREOF TO THE SOUTH LINE OF EAST 45TH STREET; THENCE EAST ALONG SAID SOUTH LINE OF EAST 45TH STREET TO THE SOUTHERLY EXTENSION OF THE EAST LINE OF AN EXISTING ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE NORTH SAID SOUTHERLY EXTENSION, AND ALONG THE EAST LINE OF SAID EXISTING ALLEY TO THE NORTH LINE OF AN EXISTING ALLEY NORTH OF 45™ STREET; THENCE WEST ALONG THE NORTH LINE OF SAID EXISTING ALLEY TO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE TO THE SOUTHWEST CORNER OF LOT 9 IN THE ELISE FRANK SUBDIVISION OF LOTS 1,2,3 AND 4 IN BLOCK 3 IN WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN AS RECORDED JULY 15, 1918 AS DOCUMENT 6359019; THENCE EAST ALONG THE SOUTH LINE OF SAID LOT 9 AND ALONG THE SOUTH LINE OF LOTS 4 THROUGH 8 AND SAID LINE EXTENDED EASTERLY OF SAID ELISE FRANK SUBDIVISION TO THE EAST LINE OF AN ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE EAST LINE OF SAID ALLEY TO THE SOUTHWEST CORNER OF LOT 3 OF SAID ELISE FRANK SUBDIVISION; THENCE EAST ALONG THE SOUTH LINE OF SAID LOT 3 TO THE WEST LINE OF SOUTH DREXEL BOULEVARD; THENCE SOUTH ALONG THE WEST LINE OF SAID SOUTH DREXEL BOULEVARD TO THE SOUTH LINE OF EAST 45TH STREET; THENCE EAST ALONG THE SOUTH LINE OF SAID 45TH STREET TO THE EAST LINE OF SOUTH ELLIS AVENUE; THENCE NORTH ALONG THE EAST LINE OF SOUTH ELLIS AVENUE TO THE NORTH LINE OF EAST 43RD STREET; THENCE WEST ALONG THE NORTH LINE OF SAID EAST 43RD STREET TO THE EAST LINE OF AN EXISTING ALLEY EAST OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE EAST LINE OF SAID ALLEY AND SAID EAST LINE EXTENDED, TO THE NORTH LINE OF 42ND PLACE; THENCE WEST ALONG THE NORTH LINE OF SAID 42ND PLACE TO THE EAST LINE OF AN EXISTING ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE EAST LINE OF SAID ALLEY AND SAID EAST LINE EXTENDED TO THE NORTH LINE OF 42ND STREET; THENCE WEST ALONG THE NORTH LINE OF SAID 42ND STREET TO THE WEST LINE OF LOT 37 IN BLOCK 2 OF CHAS. R. STEELE'S RESUBDIVISION OF BLOCK 1 OF BAYARD AND PALMER'S ADDITION AS RECORDED NOVEMBER 22, 1884 AS DOCUMENT 589443, SAID WEST LINE OF LOT 37 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE TO THE SOUTH LINE OF'EAST BOWEN AVENUE; THENCE WEST ALONG SAID SOUTH LINE OF EAST BOWEN AVENUE TO THE EAST LINE OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTHERLY ALONG THE EAST LINE EXTENDED OF SAID COTTAGE GROVE AVENUE TO AN INTERSECTION WITH THE EASTERLY EXTENSION OF THE NORTH LINE OF EAST OAKWOOD BOULEVARD; THENCE WESTERLY ALONG THE NORTH LINE OF SAID OAKWOOD BOULEVARD TO AN INTERSECTION WITH THE EAST LINE OF SOUTH LANGLEY AVENUE, BEING ALSO THE SOUTHWEST CORNER LOT 15 IN CLEAVERVILLE ADDITION, ACCORDING TO THE PLAT THEREOF RECORDED JANUARY 17,1868, RE-RECORDED MARCH 10, 1873 AS DOCUMENT NO. 88402; THENCE NORTHERLY ALONG THE EAST LINE OF SAID SOUTH LANGLEY AVENUE EXTENDED TO AN INTERSECTION WITH THE NORTH LINE OF PERSHING ROAD; THENCE WESTERLY ALONG THE NORTH LINE OF SAID EAST PERSHING ROAD EXTENDED TO AN INTERSECTION WITH THE NORTHERLY EXTENSION OF THE WEST LINE OF VINCENNES AVENUE; THENCE SOUTHWESTERLY ALONG THE WEST LINE EXTENDED OF SAID VINCENNES AVENUE TO AN INTERSECTION WITH THE CENTER LINE OF EAST 40TH STREET; THENCE EASTERLY ALONG THE CENTER LINE OF SAID EAST 40TH STREET TO
SB Friedman Development Advisors
I
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
AN INTERSECTION WITH THE CENTER LINE OF SOUTH VINCENNES AVENUE; THENCE SOUTHWESTERLY ALONG THE CENTER LINE OF SAID SOUTH VINCENNES AVENUE TO AN INTERSECTION WITH THE CENTER LINE OF EAST BOWEN STREET; THENCE WESTERLY ALONG THE CENTER LINE OF SAID EAST BOWEN STREET TO AN INTERSECTION WITH THE NORTHERLY EXTENSION OF THE WEST LINE OF SOUTH VINCENNES AVENUE; THENCE SOUTHWESTERLY ALONG THE WEST LINE EXTENDED OF SAID SOUTH VINCENNES AVENUE TO THE SOUTHEAST CORNER OF LOT 36 IN BOTSFORD'S BOULEVARD SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED MAY 20,1886 AS DOCUMENT NOT. 719099; THENCE SOUTHERLY TO AN INTERSECTION WITH THE SOUTH LINE OF EAST 43RD STREET, BEING ALSO THE NORTHEAST CORNER OF LOT 35 IN THE SUBDIVISION OF THE NORTH HALF OF THE NORTHWEST QUARTER OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 3, AFORESAID, ACCORDING TO THE PLAT THEREOF RECORDED FEBRUARY 26, 1892 AS DOCUMENT NO. 1618088; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID LOT 35 AND THE WEST LINE OF SOUTH VINCENNES AVENUE TO THE SOUTHEAST CORNER OF LOT 42 IN AFORESAID SUBDIVISION TO AN INTERSECTION WITH THE WEST LINE OF VINCENNES AVENUE, BEING ALSO THE NORTHEAST CORNER OF LOT 9 IN EMIGH AND KILMER'S PLAT RECORDED JUNE 26, 1869 (ANTE-FIRE): THENCE SOUTH ALONG THE EAST LINE OF LOT 9 IN SAID EMIGH AND KILMER'S PLAT AND ALONG SAID WEST LINE OF VINCENNES AVENUE EXTENDED TO THE POINT OF BEGINNING, IN THE CITY OF CHICAGO, COOK COUNTY, ILLINOIS.
EXCEPTING THEREFROM THE FOLLOWING DESCRIBED LANDS:
THAT PART OF TYLER'S SUBDIVISION OF BLOCK 2 OF WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED JULY 30, 1873 AS DOCUMENT 111445, DESCRIBED AS FOLLOWS. BEGINNING AT THE NORTHEAST CORNER OF LOT 1 IN SAID TYLER'S SUBDIVISION, SAID CORNER ALSO BEING THE INTERSECTION OF THE SOUTH LINE OF EAST 43RD STREET WITH THE WEST LINE OF SOUTH DREXEL BOULEVARD; THENCE WEST ALONG THE SOUTH LINE OF SAID EAST 43RD STREET TO THE EAST LINE OF THE WEST 136 FEET 9 3/4 INCHES OF SAID LOT 1; THENCE SOUTH ALONG SAID EAST LINE AND THE EAST LINE OF THE WEST 136 FEET 9 3/4 INCHES OF LOTS 2, 3 AND 4 IN SAID TYLER'S SUBDIVISION TO THE SOUTH LINE OF SAID LOT 4; THENCE EAST ALONG THE SOUTH LINE OF SAID LOT 4 TO THE WEST LINE OF SAID SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE WEST LINE OF SAID SOUTH DREXEL BOULEVARD TO THE POINT OF BEGINNING;
AND ALSO EXCEPTING THEREFROM THE FOLLOWING DESCRIBED LANDS:
THAT PART OF TYLER'S SUBDIVISION OF BLOCK 2 OF WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED JULY 30, 1873 AS DOCUMENT 111445, AND THAT PART OF LAFLIN AND HOFFMAN'S SUBDIVISION OF LOTS 5 TO 8 IN TYLER'S SUBDIVISION OF BLOCK 2 OF WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED OCTOBER 24, 1888 AS DOCUMENT 1020473, DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHEAST CORNER OF LOT 12 OF SAID TYLER'S SUBDIVISION, SAID CORNER ALSO BEING THE INTERSECTION OF THE NORTH LINE OF EAST 44TH STREET WITH THE WEST LINE OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE WEST LINE OF SAID SOUTH DREXEL BOULEVARD TO THE INTERSECTION WITH THE NORTH LINE OF THE SOUTH 25 FEET OF LOT 3 IN SAID LAFLIN AND HOFFMAN'S SUBDIVISION; THENCE WEST ALONG THE NORTH LINE OF THE SOUTH 25 FEET OF SAID LOT 3 TO THE WEST LINE OF SAID LOT 3, SAID LINE ALSO BEING THE EAST LINE OF AN ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE SOUTH ALONG THE EAST LINE OF SAID ALLEY TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF AN ALLEY NORTH OF 44TH STREET; THENCE WEST ALONG SAID EASTERLY EXTENSION AND THE SOUTH LINE OF SAID ALLEY TO THE NORTHWEST CORNER OF LOT 14 OF SAID TYLER'S SUBDIVISION, SAID CORNER BEING ON THE EAST LINE OF AN ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE SOUTH ALONG THE WEST LINE OF SAID LOT 14 TO THE NORTH LINE
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
OF SAID EAST 44TH STREET; THENCE EAST ALONG THE NORTH LINE OF SAID EAST 44TH STREET TO THE POINT OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS.
EXHIBIT II - ACQUISITION PARCELS (2A-2C) - No changes.
EXHIBIT III-AREA EAV
Add the following:
Exhibit 3C: 2022 Expansion Area EAV
Record # PIN 2020 EAV |109|20021120130000 $1,347 |109|20021120150000 $7,266 |109|20021120170000 $4,751 |109|20021120180000 $2,605 |109|20021120190000 $8,932. |109|20021120290000 $12,114 |109|20021190090000 Exempt |109|20021190100000 $1,431 |10 9|20021190110000 Exempt
10 20021190120000 Exempt
11 20021190130000 Exempt
12 20021190140000 Exempt
13 20021190150000 Exempt
14 20021190160000 Exempt
15 20021190170000 Exempt
16 20021190180000 Exempt
17 20021190190000 Exempt
18 20021190200000 $93,801
19 20021190210000 $83,032
20 20021190220000 $99,642
21 20021190230000 $71,153
22 20021190240000 $129,661
23 20021190250000 $72,298
24 20021190260000 Exempt
25 20021190290000 $69,322
26 20021190311001 $68,700
27 20021190311002 $61,257
28 20021190311003 $68,294
29 20021190311004 $69,216
30 20021190311005 $70,090
31 20021190311006 $70,599
32 20021190311007 $70,157
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
33 20021190311008 $69,181
34 20021120130000 Exempt
35 20021200010000 Exempt
36 20021200020000 Exempt
37 20021200050000 Exempt
38 20021200060000 $18,899
39 20021200070000 Exempt
40 20021200080000 $79,750
41 20021200090000 Exempt
42 20021200290000 Exempt
43 20023000170000 Exempt
44 20023000180000 $36,334
45 20023000190000 Exempt
46 20023000210000 $2,273
47 20023000220000 $9,664
48 20023000230000 $4,548
49 20023000240000 Exempt
50 20023000250000 $54,556
51 20023000350000 Exempt
52 20023010150000 Exempt
53 20023010160000 Exempt
54 20023010170000 Exempt
55 20023010180000 Exempt
56 20023010190000 Exempt
'57 20023010200000 Exempt
58 20023010210000 Exempt
59 20023010220000 Exempt
60 20023010250000 Exempt
61 20023010260000 Exempt
62 20023010270000 Exempt
63 20023010280000 Exempt
64 20023010290000 Exempt
65 20023010300000 Exempt
66 20023010310000 Exempt
67 20023010320000 Exempt
68 20023010330000 Exempt
69 20023010340000 $64,358
70 20023010350000 $62,057
71 20023010360000 $82,303
72 20023010370000 $57,009
73 20023010380000 $53,902
S3 Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
74 20023010390000 $95,899
75 20023010400000 Exempt
76 20023010410000 $123,021
77 20023010420000 Exempt
78 20023010430000 $113,058
79 20023010440000 Exempt
80 20023010450000 Exempt
81 20023010460000 $104,806
82 20023010470000 $57,821
83 20023010480000 $57,805
84 20023010490000 $63,366
85 20023010500000 $404,466
86 20023010510000 Exempt
87 20023010520000 Exempt
88 20023010530000 Exempt
89 20023010540000 Exempt
90 20023010550000 Exempt
91 20023010560000 $226,953
92 20023050080000 $365,104
93 20023050090000 $365,105
94 20023050100000 $365,243
95 20023050110000 $156,802
96 20023050120000 $21,513
97 20023050130000 $524,589
998 20023050150000 $186,296
99 20023050200000 Exempt
100 20023050220000 Exempt
TOTAL $4,962,350
Source Cook County, SB Friedman
EXHIBIT IV: MAP LEGEND
Replace Maps 1-4 with Maps 1-5 attached hereto: Map 1: Context
Map 2: Amended Redevelopment Project Area Boundary and 2022 Expansion Area Boundary Map 3: Vacant and Improved Parcels in 2022 Expansion Area Map 4: Existing Land Use in the 2022 Expansion Area Map 5: Proposed Future Land Use
SB Friedman Development Advisors
°ty of Chicago /43rH/r„«
4jrd/Cottage Grove TIF a~
ve Amendment N0
exhibit /v — maps 1-
(SEE ATTACHED)
ent Advisors
SB Fri^man Develop™,
15
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
Map 1: Context
; Bronzevilla TIF.
;47th St/King Dr TIF
•r
47th St/State TIF
Redevelopment Project Area Existing TIF Districts
Source' City of Chicago, Cook County Assessor, Esn, SB Friedman
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
Map 2: Amended Redevelopment Project Area Boundary and 2022 Expansion Area Boundary
E PERSHING RD
E 41st ST|1010|—i <
E 43rd ST
E 47th ST
£45th ST
Amended Redevelopment Project Area !>£<^3 2022 Expansion Area
Source City of Chicago, Cook County Assessor, Esn, SB Friedman
?
N
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No 3
¦U.
F.(3rd STC
' E 45th ST-
MaP 3: ^acant and Improved Parcels in 2022 Expansion Area
0.1 Miles
I f Redevelopment Project Area k>:/X] Right-of-Way Parcels HH Vacant Parcels \x/\ Improved Parcels
Source City of Chicago, Cook County Assessor, Esn, SB Friedman
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
Ma.P 4: Existing Land Use in the 2022 Expansion Area
0.1 Miles
Redevelopment Project Area Existing Land Use
Right-of-Way Parcels
Open Space/Vacant/Undeveloped/Parking ^ Public/Private Institutional
Y '"./] Residential Industrial
source Cty of Chicago, Cook County Assessor, Esn, SB Friedman
SS Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
i Mix of Uses Redevelopment Project Area
Source- City of Chicago, Cook County Assessor, Esn, SB Friedman
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
EXHIBIT V - 43RD STREET/COTTAGE GROVE AVENUE TAX INCREMENT FINANCING ELIGIBILITY STUDY AMENDMENT NO. 1, MAY 2004 - No changes.
EXHIBIT VI - 43RD STREET/COTTAGE GROVE AVENUE TAX INCREMENT FINANCING HOUSING IMPACT STUDY AMENDMENT NO. 1, MAY 2004 - No changes.
EXHIBIT VII - 43RD STREET/COTTAGE GROVE AVENUE REDEVELOPMENT PLAN AND PROJECT, MARCH 10,1998 - No changes.
SB Friedman Development Advisors
EXHIBIT VIII 2022 Expansion Area Eligibility Report
This report summarizes the analyses and findings of the consultants' work, which is the responsibility of the Consultant. The Consultant has prepared this report with the understanding that the City would rely 1) on the findings and conclusions ofthis report in proceeding with the designation ofthe 2022 Expansion Area as an addition to the Amended Redevelopment Project Area under the Act, and 2) on the fact that the Consultant has obtained the necessary information to conclude that the 2022 Expansion Area can be designated as an expansion of the Amended Redevelopment Project Area in compliance with the Act.
This report concludes that the proposed 2022 Expansion Area is eligible for designation as a "blighted area" for vacant land and as a "conservation area" for improved land per the Act.
Provisions of the Illinois Tax Increment Allocation Redevelopment Act
Under the Act, two (2) primary avenues exist to establish eligibility for an area to permit the use of TIF for redevelopment: declaring an area as a "blighted area" and/or a "conservation area." "Blighted areas" are those improved or vacant areas with blighting influences that are impacting the public safety, health, morals, or welfare of the community, and are substantially impairing the growth of the tax base in the area. "Conservation areas" are those improved areas that are deteriorating and declining and soon may become blighted. A description ofthe statutory provisions ofthe Act is provided below
Factors for Vacant Land
According to the Act, there are two ways by which vacant land can be designated as "blighted." One way is to find that at least two (2) of six (6) factors from the "Two-Factor Test" are present to a meaningful extent and reasonably distributed throughout the 2022 Expansion Area. The second way is to find at least one (1) ofthe six (6) factors under the "One-Factor Test" is present to a meaningful extent and reasonably distributed throughout the Expansion Area.
(
ONE-FACTOR TEST
Underthe provisions ofthe "blighted area" section of the Act, if the land is vacant, an area qualifies as "blighted" if one (1) or more of the following factors is found.
The area contains unused quarries, strip mines or strip mine ponds;
The area contains unused rail yards, rail track or railroad rights-of-way;
The area, prior to its designation, is subject to or contributes to chronic flooding;
The area contains unused or illegal dumping sites;
The area was designated as a town center prior to January 1, 1982, is between 50 and 100 acres, and is 75% vacant land; or
The area qualified as blighted prior to becoming vacant.
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
Factors for Improved Areas
According to the Act, "blighted areas" for improved land must demonstrate at least five (5) of the following eligibility factors, which threaten the health, safety, morals or welfare of the proposed district. "Conservation areas" must have a minimum of 50% of the total structures within the area aged 35 years or older, plus a combination of three (3) or more additional eligibility factors that are detrimental to the public safety, health, morals or welfare, and that could result in such an area becoming a "blighted area." The following are eligibility factors for improved areas:
Dilapidation
Obsolescence
Deterioration
Presence of Structures below Minimum Code Standards
Illegal Use of Individual Structures
Excessive Vacancies
Lack of Ventilation, Light or Sanitary Facilities
Inadequate Utilities
Excessive Land Coverage and Overcrowding of Structures and Community Facilities
Deleterious Land Use or Layout
Environmental Clean-Up
Lack of Community Planning
Lack of Growth in EAV
A definition of each factor is provided in Appendix 2.
Methodology Overview
SB Friedman conducted the following analyses to determine whether the 2022 Expansion Area is eligible for designation as a "blighted area" for vacant land and as a "conservation area" for improved land, per the Act:
Parcel-by-parcel field observations and photography documenting external property conditions;
Analysis of historical EAV trends for the last six years (five year-to-year periods) for which data are available and final (2015-2020) from the Cook County Assessor's Office;
3. Review of building age data from the Cook County Assessor's Office;
4 Review of parcel-level GIS shapefile data provided by the County;
Review of municipal codes and building permit records (2017-2022);
Review of utility map provided by the City regarding locations, ages and conditions of water, stormwater and sanitary sewer infrastructure;
Flooding study from 2IM Group
SB Friedman examined all parcels for qualification factors consistent with requirements of the Act. SB Friedman analyzed the presence or absence of each eligibility factor on a parcel-by-parcel basis or aggregate basis as applicable. The building and parcel information was then plotted on a map of the 2022 Expansion Area to determine which factors were present to a meaningful extent and reasonably distributed throughout the 2022 Expansion Area.
Blighted Area Findings: Vacant Parcels
Per SB Friedman's analysis, the vacant portion ofthe 2022 Expansion Area is eligible to be designated as a "blighted area" per the one-factor findings. These findings are detailed below.
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City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
ONE-FACTOR BLIGHTED FINDING
2IM Group, a third-party engineer engaged by the City of Chicago, has indicated that runoff from 100% the vacant portion ofthe Expansion Area contributes to flooding within the watershed. This factor is found to be present to a meaningful extent and reasonably distributed throughout the 2022 Expansion Area.
Conservation Area Findings: Improved Parcels
Based upon the conditions found within the 2022 Expansion Area at the completion of SB Friedman's research, it has been determined that the improved land within the 2022 Expansion Area meets the eligibility requirements ofthe Act as a "conservation area." Ofthe 46 primary structures in the 2022 Expansion Area, at least 26 structures (57%) are 35 years of age or older, as they were constructed before 1987. Map 1 shows the location of primary structures that are 35 years or older. SB Friedman's research indicates that the following three (3) factors are present to a meaningful extent and reasonably distributed throughout the 2022 Expansion Area:
1 Deterioration
Inadequate Utilities
Presence of Structures below Minimum Code Standards
Each eligibility factor that is present to a meaningful extent and reasonably distributed throughout the 2022 Expansion Area is summarized below. Maps 2A through 2B illustrate the distribution of those eligibility factors found to be reasonably distributed on a buildmg-by-building and/or parcel-by-parcel basis within the 2022 Expansion Area by highlighting each parcel or building where the respective factors were found to be present to a meaningful degree.
DETERIORATION
The Act defines deterioration as defects including, but not limited to, major defects in the secondary building components such as doors, windows, porches, gutters and downspouts, and fascia. With respect to surface improvements, that the condition of roadways, alleys, curbs, gutters, sidewalks, off-street parking, and surface storage areas evidence deterioration including but not limited to, surface cracking, crumbling, potholes, depressions, loose paving material, and weeds protruding through paved surfaces
Physical deterioration was observed on 39 parcels of 39 improved parcels (100% of improved parcels). The most common form of deterioration was on surface improvements, including streets, sidewalks, parking lots and alleys. Catalogued surface improvement deterioration included cracks in infrastructure, alligatonng of pavement, and potholes. Building deterioration included cracks in brick and cinderblock, and broken downspouts. Deterioration of buildings and surface improvements can make it appear as though the 2022 Expansion Area lacks investment and can make it more difficult to attract new businesses or consumers. This factor was found to be meaningfully present and reasonably distributed throughout the 2022 Expansion Area.
INADEQUATE UTILITIES
The Act defines inadequate utilities as underground and overhead utilities, such as storm sewers and storm
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City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
drainage, sanitary sewers, water lines, and gas, telephone and electrical services, which are:
Of insufficient capacity to serve the uses in the RPA;
Deteriorated, antiquated, obsolete or in disrepair; or
Lacking within the redevelopment project area.
Based on maps and information provided by the City's Department of Water Management, the current water main and sanitary lines serving the 2022 Expansion Area are more than 50 years old. Per the City, 50 years is usually a conservative estimate of the life expectancy for these utilities so some are reaching, and many are well past their service lives Collectively, these inadequate utility lines service 31 of the 2022 Expansion Area's 39 improved parcels (79%). Based on these conditions, the inadequate utilities factor was found to be present to a meaningful extent and reasonably distributed throughout the improved parcels in the 2022 Expansion Area.
3. PRESENCE OF STRUCTURES BELOW MINIMUM CODE STANDARDS
Per the Act, structures below minimum code standards are those that do not meet applicable standards of zoning, subdivision, building, fire and other governmental codes. The principal purpose of such codes is to protect the health and safety of the public,- including building occupants, pedestrians and occupants of neighboring structures.
According to a review of building age data, the majority of the structures in the 2022 Expansion Area were constructed prior to the adoption of the City's current Building Code in 2019. Although the development of these properties predates current codes and standards ofthe City, the buildings may not be in direct violation of all ordinances, as they may have been "grandfathered in" or received a sufficient level of upgrades and improvements since being constructed.
The presence of structures below minimum code standards, and the cost to upgrade "grandfathered" structures to meet modern codes may also reduce the overall competitiveness and economic viability of the area. This factor is present to a meaningful extent and is reasonably distributed throughout the 2022 Expansion Area.
Summary of Findings
SB Friedman has found that the 2022 Expansion Area qualifies to be designated as a "blighted area" for vacant land and as a "conservation area" for improved land. The vacant land is eligible under a one-factor test due to flooding and contribution to flooding in the 2022 Expansion Area. The improved land is eligible as a "conservation area", with 57% of the structures within the 2022 Expansion Area at least 35 years of age or older, and three (3) of the thirteen (13) eligibility factors present to a meaningful extent and reasonably distributed within the 2022 Expansion Area.
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City of Chicago / AirtiJCtMage Grove TIF - Amendment No. 3
Map 1: Improved Land Factor: Age of Structures
0.1 Miles
Friedman
2022 Expansion Area Vacant Parcels J Improved Parcels Right-of-Way Parcels Greater Than 35 Years Source City of Chicago, Cook County Assessor, Esn, SB
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City of Chicago / 43rd/Cottage Grove TIF - Amendment No.
M.aP 2A. Improved Land Factor: Deterioration
I 2022 Expansion Area | Vacant Parcels £j Right-of-Way Parcels V/'\ Improved Parcels Deterioration
Source City of Chicago, Cook County Assessor, Esn, SB Pnedman
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
t= zlE'Urr! S !c
.!
¦EJSrhSr.
- 5P.2B'n'mprOVed Land Factor: Inadequate Utilities
0.1 Miles
I 2022 Expansion Area Vacant Parcels Right-of-Way Parcels V*/1 Improved Parcels IHI Inadequate Utilities Source City of Chicago, Cook County, Esn, S8 Friedman
SB Friedman Development Advisors
Appendix 1: Limitations of the Eligibility Report and
Consultant Responsibilities
The Eligibility Report covers events and conditions that were determined to support the designation of the 2022 Expansion Area as a conservation and blighted area under the Act at the completion of our field research in March-May 2022 and not thereafter These events or conditions include, without limitation, governmental actions and additional developments.
This Eligibility Report and Amendment No. 3 (the "Report") summarizes the analyses and findings of the consultants' work, which is the responsibility of the Consultant. The Consultant has prepared this report with the understanding that the City would rely 1) on the findings and conclusions of this report in proceeding with the designation ofthe 2022 Expansion Area as an addition to the Amended Redevelopment Project Area under the Act, and 2) on the fact that the Consultant has obtained the necessary information to conclude that the 2022 Expansion Area can be designated as an expansion of the Amended Redevelopment Project Area in compliance with the Act.
The Report is based on estimates, assumptions and other information developed from'research ofthe market, knowledge of the industry, and meetings during which we obtained certain information. The sources of information and bases ofthe estimates and assumptions are stated in the Report. Some assumptions inevitably will not materialize, and unanticipated events and circumstances may occur. Therefore, actual results achieved will necessarily vary from those described in our Report, and the variations may be material.
The terms of this engagement are such that we have no obligation to revise the Report to reflect events or conditions which occur subsequent to the date of the Report. These events or conditions include, without limitation, economic growth trends, governmental actions, additional competitive developments, interest rates and other market factors. However, we will be available to discuss the necessity for revision in view of changes in economic or market factors
Preliminary Tax Increment Financing (TIF) projections were prepared for the purpose of estimating the approximate level of increment that could be generated by proposed projects and other properties within the proposed TIF District boundary and from inflationary increases in value. These projections were intended to provide an estimate of the final equalized assessed value (EAV) of the Redevelopment Project Area (as amended by Amendment No. 3).
As such, our report and the preliminary projections prepared under this engagement are intended solely for the City's information, for the purpose of amending a TIF District. These projections should not be relied upon for purposes of evaluating potential debt obligations or by any other person, firm or corporation, or for any other purposes. Neitherthe Report nor its contents, nor any reference to our Firm, may be included or quoted in any offering circular or registration statement, appraisal, sales brochure, prospectus, loan or other agreement or document intended for use in obtaining funds from individual investors, without prior written consent.
SB Friedman Development Advisors
Appendix 2: Glossary
Factors for Vacant Land - One Factor Test
Underthe provisions ofthe "blighted area" section ofthe Act, if the land is vacant, an area qualifies as "blighted" if one (1) or more of the following factors is found to be present to a meaningful extent.
The area contains unused quarries, strip mines or strip mine ponds;
The area contains unused rail yards, rail track, or railroad rights-of-way;
The area, prior to its designation, is subject to or contributes to chronic flooding;
The area contains unused or illegal dumping sites;
The area was designated as a town center prior to January 1, 1982, is between 50 and 100 acres, and is 75% vacant land; or
The area qualified as blighted prior to becoming vacant.
Factors for Vacant Land - Two Factor Test
Obsolete Platting of Vacant Land. This includes parcels of limited or narrow size, or configurations of parcels of irregular size or shape that would be difficult to develop on a planned basis and in a manner compatible with contemporary standards and requirements, or platting that failed to create rights-of-ways for streets or alleys or that created inadequate right-of-way widths for streets, alleys or other public rights-of-way, or that omitted easements for public utilities.
Diversity of Ownership. Diversity of ownership is when adjacent properties are owned by multiple parties. This factor applies when diversity of ownership of parcels of vacant land is sufficient in number to retard or impede the ability to assemble the land for development.
Tax and Special Assessment Delinquencies. Tax and special assessment delinquencies exist or the property has been the subject of tax sales under the Property Tax Code within the last five years.
Deterioration of Structures or Site Improvements in Neighboring Areas adjacent to the Vacant Land.
Evidence of structural deterioration and area disinvestment in blocks adjacent to the vacant land may substantiate why new development had not previously occurred on the vacant parcels.
Environmental Contamination. The area has incurred Illinois Environmental Protection Agency or United States Environmental Protection Agency remediation costs for, or a study conducted by an independent consultant recognized as having expertise in environmental remediation, has determined a need for, the cleanup of hazardous waste, hazardous substances or underground storage tanks required by state or federal law, provided that the remediation costs constitute a material impediment to the development or redevelopment of the redevelopment project area.
Lack of Growth in Equalized Assessed Value. The total equalized assessed value ("EAV") of the proposed redevelopment project area has declined for three (3) of the last five (5) calendar years prior to the year in which the redevelopment project area is designated; or is increasing at an annual rate that is less than the
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City of Chicago / 43rd./Cottage Grove TIF - Amendment No 3
balance of the municipality for three (3) of the last five (5) calendar years for which information is available; or is increasing at an annual rate that is less than the Consumer Price Index for All Urban Consumers published by the United States Department of Labor or successor agency for three (3) of the last five (5) calendar years prior to the year in which the redevelopment project area is designated.
Factors for Improved Land
Dilapidation. An advanced state of disrepair or neglect of necessary repairs to the primary structural components of buildings or improvements in such a combination that a documented building condition analysis determines that major repair is required or the defects are so serious and so extensive that the buildings must be removed.
Obsolescence. The condition or process of falling into disuse. Structures have become ill-suited for the original use.
Deterioration. With respect to buildings, defects including but not limited to, major defects in the secondary building components such as doors, windows, porches, gutters and downspouts, and fascia. With respect to surface improvements, that the condition of roadways, alleys, curbs, gutters, sidewalks, off-street parking, and surface storage areas evidence deterioration including but not limited to, surface cracking, crumbling, potholes, depressions, loose paving material and weeds protruding through paved surfaces.
Presence of Structures below Minimum Code Standards. All structures that do not meet the standards of zoning, subdivision, building, fire and other governmental codes applicable to property, but not including housing and property maintenance codes.
Illegal Use of Individual Structures. The use of structures in violation of the applicable federal, state or local laws, exclusive of those applicable to the Presence of Structures below Minimum Code Standards.
Excessive Vacancies. The presence of buildings that are unoccupied or underutilized and that represent an adverse influence on the area because of the frequency, extent or duration of the vacancies.
Lack of Ventilation, Light or Sanitary Facilities. The absence of adequate ventilation for light or air circulation in spaces or rooms without windows, or that require the removal of dust, odor, gas, smoke, or other noxious airborne materials. Inadequate natural light and ventilation means the absence of skylights or windows for interior spaces or rooms and improper window sizes and amounts by room area to window area ratios. Inadequate sanitary facilities refers to the absence or inadequacy of garbage storage and enclosure, bathroom facilities, hot water and kitchens, and structural inadequacies preventing ingress and egress to and from all rooms and units within a building.
Inadequate Utilities. Underground and overhead utilities, such as storm sewers and storm drainage, sanitary sewers, water lines, and gas, telephone, and electrical services that are shown to be inadequate. Inadequate utilities are those that are: (i) of insufficient capacity to serve the uses in the redevelopment project area, (ii) deteriorated, antiquated, obsolete, or in disrepair, or (in) lacking within the redevelopment project area.
Excessive Land Coverage and Overcrowding of Structures and Community Facilities. The over-intensive use of property and the crowding of buildings and accessory facilities onto a site. Examples of problem conditions warranting the designation of an area as one exhibiting excessive land coverage are: (i) the presence
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of buildings either improperly situated on parcels or located on parcels of inadequate size and shape in relation to present-day standards of development for health and safety, and (n) the presence of multiple buildings on a single parcel. For there to be a finding of excessive land coverage, these parcels must exhibit one or more of the following conditions: insufficient provision for light and air within or around buildings, increased threat of spread of fire due to the close proximity of buildings, lack of adequate or proper access to a public right-of-way, lack of reasonably required off-street parking, or inadequate provision for loading and service.
Deleterious Land Use or Layout. The existence of incompatible land use relationships, buildings occupied by inappropriate mixed-uses, or uses considered to be noxious, offensive or unsuitable for the surrounding area.
Environmental Clean-Up. The proposed redevelopment project area has incurred Illinois Environmental Protection Agency or United States Environmental Protection Agency remediation costs for, or a study conducted by an independent consultant recognized as having expertise in environmental remediation has determined a need for, the clean-up of hazardous waste, hazardous substances, or underground storage tanks required by state or federal law, provided that the remediation costs constitute a material impediment to the development or redevelopment of the redevelopment project area.
Lack of Community Planning. The proposed redevelopment project area was developed prior to or without the benefit or guidance of a community plan. This means that the development occurred prior to the adoption by the municipality of a comprehensive or other community plan, or that the plan was not followed at the time of the area's development This factor must be documented by evidence of adverse or incompatible land use relationships, inadequate street layout, improper subdivision, parcels of inadequate shape and size to meet contemporary development standards, or other evidence demonstrating an absence of effective community planning.
Lack of Growth in Equalized Assessed Value. The total equalized assessed value of the proposed redevelopment project area has declined for three (3) of the last five (5) calendar years prior to the year in which the redevelopment project area is designated; or is increasing at an annual rate that is less than the balance of the municipality for three (3) of the last five (5) calendar years for which information is available; or is increasing at an annual rate that is less than the Consumer Price Index for All Urban Consumers published by the United States Department of Labor or successor agency for three (3) of the last five (5) calendar years prior to the year in which the redevelopment project area is designated.
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Appendix 3: Required Tests and Findings
As a part of establishing eligibility of the 2022 Expansion Area, the following additional findings must be made:
FINDING 1: LACK OF GROWTH AND DEVELOPMENT THROUGH PRIVATE INVESTMENT
The City is required to evaluate whether the 2022 Expansion Area has been subject to growth and development through private investment and must substantiate a finding of lack of such investment. Limited private investment has occurred in the 2022 Expansion Area during the past five years (2017-2022), as demonstrated by the following.
- LIMITED CONSTRUCTION-RELATED PERMIT ACTIVITY. Building permit data provided by the City indicates that there has only been four new construction permits for new developments (townhomes) pulled in the 2022 Expansion Area over the past five years from 2017 to May 2022. Other investments have included interior rehabs and renovations to existing apartment buildings. Thus, the 2022 Expansion Area has not been subject to growth and development through investment by private enterprise.
Finding: The 2022 Expansion Area has not been subject to growth and development through investment by private enterprise.
FINDING 2: "BUT FOR..." REQUIREMENT
The City is required to find that the 2022 Expansion Area would not reasonably be anticipated to be developed without the adoption of Amendment No. 3 to the Plan.
Without the support of public resources, the redevelopment objectives for the Plan would most likely not be realized. The investments required to update and maintain buildings exhibiting deterioration, inadequate utilities, and that are below minimum code throughout the 2022 Expansion Area are extensive and costly, and the private market, on its own, has shown little ability to absorb all of these costs. Public resources to assist with public improvements and project-specific development costs are essential to leverage private investment and facilitate redevelopment.
Finding: But for the adoption of Amendment No. 3, critical resources will be lacking to support the redevelopment of the 2022 Expansion Area, and the 2022 Expansion Area would not reasonably be anticipated to be developed.
FINDING 3: CONTIGUITY
No redevelopment project area can be designated unless a plan and project are approved prior to the designation of the area; and the area can only include those contiguous parcels that are to be substantially benefited by the proposed redevelopment project improvements.
Finding: The Redevelopment Project Area includes only those contiguous parcels of real property that are expected to benefit substantially from the Plan.
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City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
FINDING 4: CONFORMANCE TO THE PLANS OF THE CITY
The Plan must conform to strategic economic development plans, or include land uses that have been approved by the City of Chicago Plan Commission.
The proposed' land uses described in the Plan will be approved by the Chicago Plan Commission prior to its adoption by the City Council.
Finding The Plan's proposed land uses will be approved by the Chicago Plan Commission prior to its adoption by the City Council.
FINDING 5: HOUSING IMPACT AND RELATED MATTERS
As set forth in the Act, if a redevelopment plan for a redevelopment project area would result in the displacement of residents from 10 or more inhabited residential units, or if the redevelopment project area contains 75 or more inhabited residential units and a municipality is unable to certify that no displacement will occur, the municipality must prepare a Housing Impact Study and incorporate the study redevelopment project plan.
Amendment No. 1 included a Housing Impact Study. The 2022 Expansion Area contains approximately 29 occupied housing units. However, the City certifies that no displacement will occur, and thus, no additional Housing Impact Study has been conducted or included in this Amendment No. 3.
Finding SB Friedman found that there are approximately 29 housing units within the 2022 Expansion Area. The City hereby certifies that no displacement will occur as a result of activities pursuant to this Plan (as amended by Amendment No. 3). Therefore, a Housing Impact Study is not required under the Act.
FINDING 6: ESTIMATED DATES OF COMPLETION
As set forth in the Act, the redevelopment plan must establish the estimated dates of completion of the redevelopment project and retirement of obligations issued to finance redevelopment project costs.
Finding The estimated dates of completion ofthe project and retirement of obligations are described in "Phasing and Scheduling of the Redevelopment" above. This Plan (as amended by Amendment No. 3) is estimated to be completed, and all obligations issued to finance redevelopment costs shall be retired no later than December 31, 2035, if the ordinances establishing the 2022 Expansion Area are adopted during 2022.
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City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
Appendix 4: Legal Description
ALL THAT PART OF WEST HALF OF SECTION 2, THE EAST HALF OF SECTION 3, THE NORTHEAST QUARTER OF SECTION 10 AND THE WEST HALF OF THE NORTHWEST QUARTER OF SECTION 11, ALL IN TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, BOUNDED AND DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF SOUTH VINCENNES AVENUE AND EAST 44™ STREET, BEING ALSO THE NORTHEAST CORNER OF LOT 1 IN C.W. HOFF'S SUBDIVISION OF LOTS 18 TO 21 IN WARD'S SUBDIVISION OF THE NORTH QUARTER, SOUTH HALF, NORTHWEST QUARTER, SOUTHEAST QUARTER OF SECTION 3, AFORESAID, ACCORDING TO THE PLAT THEREOF RECORDED DECEMBER 13,1897 AS DOCUMENT NO. 3626139: THENCE EASTERLY ALONG THE SOUTH LINE OF SAID EAST 44™ STREET EXTENDED TO AN INTERSECTION WITH THE WEST LINE OF SOUTH ST. LAWRENCE AVENUE, BEING ALSO THE NORTHEAST CORNER OF LOT 1 IN AFORESAID WARD'S SUBDIVISION RECORDED JUNE 13, 1841 (ANTE-FIRE). THENCE SOUTHERLY ALONG THE WEST LINE EXTENDED OF SAID ST. LAWRENCE AVENUE TO AN INTERSECTION WITH THE SOUTH LINE OF EAST 47rH STREET; THENCE CONTINUING SOUTH ALONG THE WEST LINE OF SOUTH ST. LAWRENCE AVENUE TO THE WESTERLY EXTENSION OF THE NORTH LINE OF LOT 47 IN BLOCK 1 IN THE SUBDIVISION OF LOTS 3, 4 AND 5 IN STONE AND MCGLASHAN'S SUBDIVISION OF THE NORTH HALF OF THE NORTH HALF OF THE NORTHEAST QUARTER OF SECTION 10, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, SAID NORTH LINE OF LOT 47 BEING ALSO THE SOUTH LINE OF THE ALLEY SOUTH OF EAST 47TH STREET; THENCE EAST ALONG SAID WESTERLY EXTENSION AND ALONG THE SOUTH LINE OF THE ALLEY SOUTH OF EAST 47TH STREET TO THE WEST LINE OF SOUTH EVANS AVENUE; THENCE SOUTH ALONG SAID WEST LINE OF SOUTH EVANS AVENUE TO THE SOUTH LINE OF EAST 48TH STREET; THENCE EAST ALONG SAID SOUTH LINE OF EAST 48TH STREET TO THE SOUTHERLY EXTENSION OF THE WEST LINE OF LOT 18 IN BLOCK 2 OF W. H. COLVIN'S SUBDIVISION OF LOTS 2, 3, 6, 7 AND 10 IN BLOCK 2 IN DREXEL AND SMITH'S SUBDIVISION OF THE WEST HALF OF THE NORTHWEST QUARTER AND THE WEST HALF OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 11, TOWNSHIP 38, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, SAID WEST LINE OF LOT 18 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND ALONG THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE TO THE NORTH LINE OF LOT 18 IN BLOCK 1 OF AFORESAID W. H. COLVIN'S SUBDIVISION, SAID NORTH LINE OF LOT 18 IN BLOCK 1 BEING ALSO THE SOUTH LINE OF THE ALLEY SOUTH OF EAST 47TH STREET; THENCE EAST ALONG SAID SOUTH LINE OF THE ALLEY SOUTH OF EAST 47TH STREET AND ALONG THE EASTERLY EXTENSION THEREOF TO THE WEST LINE OF LOTS 5 AND 6 IN THE RESUBDIVISION OF LOTS 1, 4, 5, 8 AND 9 IN BLOCK 2 OF AFORESAID DREXEL AND SMITH'S SUBDIVISION, SAID WEST LINE OF LOTS 5 AND 6 BEING ALSO THE EAST LINE OF THE ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY WEST OF SOUTH DREXEL BOULEVARD TO SOUTH LINE OF EAST 47TH STREET; THENCE EAST ALONG SAID SOUTH LINE OF EAST 47TH STREET TO THE EAST LINE OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG SAID EAST LINE OF SOUTH DREXEL BOULEVARD TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOT 6 IN THE RESUBDIVISION OF BLOCK 7 OF WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN; THENCE WEST ALONG SAID EASTERLY EXTENSION AND THE SOUTH LINE OF LOT 6 IN THE RESUBDIVISION OF BLOCK 7 OF WALKER AND STINSON'S SUBDIVISION TO THE WEST LINE OF SAID LOT 6, SAID WEST LINE OF LOT 6 BEING ALSO THE EAST LINE OF THE ALLEY WEST OF SOUTH DREXEL BOULEVARD;
THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY WEST OF SOUTH DREXEL BOULEVARD TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOTS 30 THROUGH 34, BOTH INCLUSIVE, IN SAID RESUBDIVISION OF BLOCK 7 OF WALKER AND STINSON'S SUBDIVISION, SAID SOUTH LINE OF LOTS 30
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
THROUGH 34 BEING ALSO THE NORTH LINE OF THE ALLEY NORTH OF EAST 47TH STREET; THENCE WEST ALONG SAID EASTERLY EXTENSION AND THE NORTH LINE OF THE ALLEY NORTH OF EAST 47TH STREET TO THE WEST LINE OF LOT 30 IN SAID RESUBDIVISION OF BLOCK 7 OF WALKER AND STINSON'S SUBDIVISION, SAID WEST LINE OF LOT 30 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE TO THE NORTH LINE OF LOT 14 IN HAINE'S SIDNEY AND LAYTON'S SUBDIVISION OF BLOCK 6 OF AFORESAID WALKER AND STINSON'S SUBDIVISION, SAID NORTH LINE OF LOT 14 BEING ALSO THE SOUTH LINE OF THE ALLEY NORTH OF EAST 46TH STREET; THENCE EAST ALONG SAID NORTH LINE OF LOT 14 TO THE SOUTHERLY EXTENSION OF THE WEST LINE OF LOTS 5 THROUGH 8, BOTH INCLUSIVE, IN SAID HAINE'S SIDNEY AND LAYTON'S SUBDIVISION, SAID WEST LINE OF LOTS 5 THROUGH 8 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE AND ALONG THE NORTHERLY EXTENSION THEREOF TO THE SOUTH LINE OF LOT 27 IN SAID HAINE'S SIDNEY AND LAYTON'S SUBDIVISION, SAID SOUTH LINE OF LOT 27 BEING ALSO THE NORTH LINE OF THE ALLEY SOUTH OF EAST 45TH STREET; THENCE WEST ALONG SAID SOUTH LINE OF LOT 27 IN HAINE'S SIDNEY AND LAYTON'S SUBDIVISION TO THE WEST LINE THEREOF, SAID WEST LINE OF LOT 27 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID WEST LINE OF LOT 27 HAINE'S SIDNEY AND LAYTON'S SUBDIVISION AND ALONG THE NORTHERLY EXTENSION THEREOF TO THE SOUTH LINE OF EAST 45TH STREET; THENCE EAST ALONG SAID SOUTH LINE OF EAST 45TH STREET TO THE SOUTHERLY EXTENSION OF THE EAST LINE OF AN EXISTING ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE NORTH SAID SOUTHERLY EXTENSION, AND ALONG THE EAST LINE OF SAID EXISTING ALLEY TO THE NORTH LINE OF AN EXISTING ALLEY NORTH OF 45TH STREET; THENCE WEST ALONG THE NORTH LINE OF SAID EXISTING ALLEY TO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE TO THE SOUTHWEST CORNER OF LOT 9 IN THE ELISE FRANK SUBDIVISION OF LOTS 1,2,3 AND 4 IN BLOCK 3 IN WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN AS RECORDED JULY 15, 1918 AS DOCUMENT 6359019; THENCE EAST ALONG THE SOUTH LINE OF SAID LOT 9 AND ALONG THE SOUTH LINE OF LOTS 4 THROUGH 8 AND SAID LINE EXTENDED EASTERLY OF SAID ELISE FRANK SUBDIVISION TO THE EAST LINE OF AN ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE EAST LINE OF SAID ALLEY TO THE SOUTHWEST CORNER OF LOT 3 OF SAID ELISE.FRANK SUBDIVISION; THENCE EAST ALONG THE SOUTH LINE OF SAID LOT 3 TO THE WEST LINE OF SOUTH DREXEL BOULEVARD; THENCE SOUTH ALONG THE WEST LINE OF SAID SOUTH DREXEL BOULEVARD TO THE SOUTH LINE OF EAST 45TH STREET; THENCE EAST ALONG THE SOUTH LINE OF SAID 45TH STREET TO THE EAST LINE OF SOUTH ELLIS AVENUE; THENCE NORTH ALONG THE EAST LINE OF SOUTH ELLIS AVENUE TO THE NORTH LINE OF EAST 43RD STREET; THENCE WEST ALONG THE NORTH LINE OF SAID EAST 43RD STREET TO THE EAST LINE OF AN EXISTING ALLEY EAST OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE EAST LINE OF SAID ALLEY AND SAID EAST LINE EXTENDED, TO THE NORTH LINE OF 42ND PLACE; THENCE WEST ALONG THE NORTH LINE OF SAID 42ND PLACE TO THE EAST LINE OF AN EXISTING ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE EAST LINE OF SAID ALLEY AND SAID EAST LINE EXTENDED TO THE NORTH LINE OF 42ND STREET; THENCE WEST ALONG THE NORTH LINE OF SAID 42ND STREET TO THE WEST LINE OF LOT 37 IN BLOCK 2 OF CHAS. R. STEELE'S RESUBDIVISION OF BLOCK 1 OF BAYARD AND PALMER'S ADDITION AS RECORDED NOVEMBER 22, 1884 AS DOCUMENT 589443, SAID WEST LINE OF LOT 37 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE TO THE SOUTH LINE OF EAST BOWEN AVENUE; THENCE WEST ALONG SAID SOUTH LINE OF EAST BOWEN AVENUE TO THE EAST LINE OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTHERLY ALONG THE EAST LINE EXTENDED OF SAID COTTAGE GROVE AVENUE TO AN
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
INTERSECTION WITH THE EASTERLY EXTENSION OF THE NORTH LINE OF EAST OAKWOOD BOULEVARD; THENCE WESTERLY ALONG THE NORTH LINE OF SAID OAKWOOD BOULEVARD TO AN INTERSECTION WITH THE EAST LINE OF SOUTH LANGLEY AVENUE, BEING ALSO THE SOUTHWEST CORNER LOT 15 IN CLEAVERVILLE ADDITION, ACCORDING TO THE PLAT THEREOF RECORDED JANUARY 17,1868, RE-RECORDED MARCH 10, 1873 AS DOCUMENT NO. 88402; THENCE NORTHERLY ALONG THE EAST LINE OF SAID SOUTH LANGLEY AVENUE EXTENDED TO AN INTERSECTION WITH THE NORTH LINE OF PERSHING ROAD; THENCE WESTERLY ALONG THE NORTH LINE OF SAID EAST PERSHING ROAD EXTENDED TO AN INTERSECTION WITH THE NORTHERLY EXTENSION OF THE WEST LINE OF VINCENNES AVENUE; THENCE SOUTHWESTERLY ALONG THE WEST LINE EXTENDED OF SAID VINCENNES AVENUE TO AN INTERSECTION WITH THE CENTER LINE OF EAST 40TH STREET; THENCE EASTERLY ALONG THE CENTER LINE OF SAID EAST 40TH STREET TO AN INTERSECTION WITH THE CENTER LINE OF SOUTH VINCENNES AVENUE; THENCE SOUTHWESTERLY ALONG THE CENTER LINE OF SAID SOUTH VINCENNES AVENUE TO AN INTERSECTION WITH THE CENTER LINE OF EAST BOWEN STREET; THENCE WESTERLY ALONG THE CENTER LINE OF SAID EAST BOWEN STREET TO AN INTERSECTION WITH THE NORTHERLY EXTENSION OF THE WEST LINE OF SOUTH VINCENNES AVENUE; THENCE SOUTHWESTERLY ALONG THE WEST LINE EXTENDED OF SAID SOUTH VINCENNES AVENUE TO THE SOUTHEAST CORNER OF LOT 36 IN BOTSFORD'S BOULEVARD SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED MAY 20,1886 AS DOCUMENT NOT. 719099; THENCE SOUTHERLY TO AN INTERSECTION WITH THE SOUTH LINE OF EAST 43RD STREET, BEING ALSO THE NORTHEAST CORNER OF LOT 35 IN THE SUBDIVISION OF THE NORTH HALF OF THE NORTHWEST QUARTER OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 3, AFORESAID, ACCORDING TO THE PLAT THEREOF RECORDED FEBRUARY 26, 1892 AS DOCUMENT NO. 1618088; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID LOT 35 AND THE WEST LINE OF SOUTH VINCENNES AVENUE TO THE SOUTHEAST CORNER OF LOT 42 IN AFORESAID SUBDIVISION TO AN INTERSECTION WITH THE WEST LINE OF VINCENNES AVENUE, BEING ALSO THE NORTHEAST CORNER OF LOT 9 IN EMIGH AND KILMER'S PLAT RECORDED JUNE 26, 1869 (ANTE-FIRE): THENCE SOUTH ALONG THE EAST LINE OF LOT 9 IN SAID EMIGH AND KILMER'S PLAT AND ALONG SAID WEST LINE OF VINCENNES AVENUE EXTENDED TO THE POINT OF BEGINNING, IN THE CITY OF CHICAGO, COOK COUNTY, ILLINOIS.
EXCEPTING THEREFROM THE FOLLOWING DESCRIBED LANDS:
THAT PART OF TYLER'S SUBDIVISION OF BLOCK 2 OF WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED JULY 30, 1873 AS DOCUMENT 111445, DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF LOT 1 IN SAID TYLER'S SUBDIVISION, SAID CORNER ALSO BEING THE INTERSECTION OF THE SOUTH LINE OF EAST 43RD STREET WITH THE WEST LINE OF SOUTH DREXEL BOULEVARD; THENCE WEST ALONG THE SOUTH LINE OF SAID EAST 43RD STREET TO THE EAST LINE OF THE WEST 136 FEET 9 3/4 INCHES OF SAID LOT 1; THENCE SOUTH ALONG SAID EAST LINE AND THE EAST LINE OF THE WEST 136 FEET 9 3/4 INCHES OF LOTS 2, 3 AND 4 IN SAID TYLER'S SUBDIVISION TO THE SOUTH LINE OF SAID LOT 4; THENCE EAST ALONG THE SOUTH LINE OF SAID LOT 4 TO THE WEST LINE OF SAID SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE WEST LINE OF SAID SOUTH DREXEL BOULEVARD TO THE POINT OF BEGINNING;
AND ALSO EXCEPTING THEREFROM THE FOLLOWING DESCRIBED LANDS:
THAT PART OF TYLER'S SUBDIVISION OF BLOCK 2 OF WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED JULY 30, 1873 AS DOCUMENT 111445, AND THAT PART OF LAFLIN AND HOFFMAN'S SUBDIVISION OF LOTS 5 TO 8 IN TYLER'S SUBDIVISION OF BLOCK 2 OF WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED OCTOBER 24, 1888 AS DOCUMENT 1020473, DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHEAST CORNER OF LOT 12 OF SAID TYLER'S
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No 3
SUBDIVISION, SAID CORNER ALSO BEING THE INTERSECTION OF THE NORTH LINE OF EAST 44TH STREET WITH THE WEST LINE OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE WEST LINE OF SAID SOUTH DREXEL BOULEVARD TO THE INTERSECTION WITH THE NORTH LINE OF THE SOUTH 25 FEET OF LOT 3 IN SAID LAFLIN AND HOFFMAN'S SUBDIVISION; THENCE WEST ALONG THE NORTH LINE OF THE SOUTH 25 FEET OF SAID LOT 3 TO THE WEST LINE OF SAID LOT 3, SAID LINE ALSO BEING THE EAST LINE OF AN ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE SOUTH ALONG THE EAST LINE OF SAID ALLEY TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF AN ALLEY NORTH OF 44TH STREET; THENCE WEST ALONG SAID EASTERLY EXTENSION AND THE SOUTH LINE OF SAID ALLEY TO THE NORTHWEST CORNER OF LOT 14 OF SAID TYLER'S SUBDIVISION, SAID CORNER BEING ON THE EAST LINE OF AN ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE SOUTH ALONG THE WEST LINE OF SAID LOT 14 TO THE NORTH UNE OF SAID EAST 44TH STREET; THENCE EAST ALONG THE NORTH LINE OF SAID EAST 44TH STREET TO THE POINT OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS.
SB Friedman Development Advisors
s in Expansion Area
Record # PIN 2020 EAV ] |109|20021120130000 $1,347 |109|20021120150000 $7,266 |109|20021120170000 $4,751 |109|20021120180000 $2,605 |109|20021120190000 $8,932. |109|20021120290000 $12,114 |109|20021190090000 " Exempt |109|20021190100000 $1,431 |10 9|20021190110000 Exempt
10 20021190120000 Exempt
11 20021190130000 Exempt
12 20021190140000 Exempt
13 20021190150000 Exempt
14 20021190160000 Exempt
15 20021190170000 Exempt
16 20021190180000 Exempt
17 20021190190000 Exempt
18 20021190200000 $93,801
19 20021190210000 $83,032
20 20021190220000 $99,642
21 20021190230000 $71,153
22 20021190240000 $129,661
23 20021190250000 $72,298
24 20021190260000 Exempt
25 20021190290000 $69,322
26 20021190311001 $68,700
27 20021190311002 $61,257
28 20021190311003 $68,294.
29 20021190311004 $69,216
30 20021190311005 $70,090
31 20021190311006 $70,599
32 20021190311007 $70,157
33 20021190311008 $69,181
34 20021120130000 Exempt
35 20021200010000 Exempt
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No 3
36 20021200020000 Exempt
37 20021200050000 Exempt
38 20021200060000 $18,899
39 20021200070000 Exempt
40 20021200080000 $79,750
41 20021200090000 Exempt
42 20021200290000 Exempt
43 20023000170000 Exempt
44 ' 20023000180000 $36,334
45 20023000190000 Exempt
46 20023000210000 $2,273
47 20023000220000 $9,664
48 20023000230000 $4,548
49 20023000240000 Exempt
50 20023000250000 $54,556
51 20023000350000 Exempt
52 20023010150000 Exempt
53 20023010160000 Exempt
54 20023010170000 Exempt
55 20023010180000 Exempt
56 20023010190000 Exempt
57 20023010200000 Exempt
58 20023010210000 Exempt
59 20023010220000 Exempt
60 20023010250000 Exempt
61 20023010260000 Exempt
62 20023010270000 Exempt
63 20023010280000 Exempt
64 20023010290000 Exempt
65 20023010300000 Exempt
66 20023010310000 Exempt
67 20023010320000 Exempt
68 20023010330000 Exempt
69 20023010340000 $64,358
70 20023010350000 $62,057
71 20023010360000 $82,303
72 20023010370000 $57,009
73 20023010380000 $53,902
74 20023010390000 $95,899
75 20023010400000 Exempt
76 20023010410000 $123,021
SB Friedman Development Advisors
City of Chicago / 43rd/Cottage Grove TIF - Amendment No. 3
77 20023010420000 Exempt
78 20023010430000 $113,058
79 20023010440000 Exempt
80 20023010450000 Exempt
81 20023010460000 $104,806
82 20023010470000 $57,821
83 20023010480000 $57,805
84 20023010490000 $63,366
85 20023010500000 $404,466
86 20023010510000 Exempt
87 20023010520000 Exempt
88 20023010530000 Exempt
89 20023010540000 Exempt
90 20023010550000 Exempt
91 20023010560000 $226,953
92 20023050080000 $365,104
93 20023050090000 $365,105
94 20023050100000 $365,243
95 20023050110000 $156,802
96 20023050120000 $21,513
97 20023050130000 $524,589
998 20023050150000 $186,296
99 20023050200000 Exempt
100 20023050220000 Exempt
TOTAL $4,962,350
Source Cook County, SB Friedman
SB Friedman Development Advisors
Exhibit B
CDC Resolution recommending to Citv Council approval ofthe Amended Plan, designation of the Expanded Area and adoption of Tax Increment Allocation Financing
STATE OF ILLINOIS) )SS
COUNTY OF COOK)
CERTIFICATE
I, Robert McKenna, the duly authorized and qualified Assistant Secretary of the Community Development Commission ofthc City of Chicago, and the custodian of the records thereof, do hereby certify that I have compared the attached copy of a Resolution adopted by the Community Development Commission of the City of Chicago at a Regular Meeting held on the 8th Day of November,2022 with the original resolution adopted at said meeting, and noted in the minutes of the Commission, and do hereby certify that said copy is a true, correct, and complete transcript of said Resolution.
Dated this 8th Day of November 2022
ASSISTANT SECRETARY Robert McKenna
22-CDC-61
J. TIF Area Designaliorr CDC Fonn2b-recoinml 11904
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF CHICAGO
RESOLUTION 42-CDC- iJ_
RECOMMENDING TO THE CITY COUNCIL OF THE CITY OF CHICAGO FOR THE PROPOSED 43RD/COTTAGE GROVE AMENDMENT NO. 3 REDEVELOPMENT PROJECT AREA:
APPROVAL OF AMEDMENT NO. 3 TO THE REDEVELOPMENT PLAN AND PROJECT
WHEREAS, the Community Development Commission (the "Commission") of the City of Chicago (the "City") has heretofore been appointed by the Mayor of the City with the approval of its City Council ("City Council," referred to herein collectively with the Mayor as the "Corporate Authorities") (as codified in Section 2-124 of the City's Municipal Code) pursuant to Section 5/11-74.4-4(k) of the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act"); and
WHEREAS, the Commission is empowered by the Corporate Authorities to exercise certain powers set forth in Section 5/ll-74.4-4(k) of the Act, including the holding of certain public hearings required by the Act; and
WHEREAS, staff of the City's Department of Planning and Development has conducted or caused to be conducted certain investigations, studies and surveys of the 43rd/Cottage Grove Redevelopment Project Area Amendment No. 3, the street boundaries of which are described on Exhibit A hereto (the "Area"), to determine the eligibility ofthe Area as a redevelopment project area as defined in the Act (a "Redevelopment Project Area") and for tax increment allocation financing pursuant to the Act ("Tax Increment Allocation Financing"), and previously has presented the following documents to the Commission for its review:
43rd/Cottaee Grove Redevelopment Plan and Project Amendment No. 3 (the "Plan"): and
WHEREAS, prior to the adoption by the Corporate Authorities of ordinances approving a redevelopment plan, designating an area as a Redevelopment Project Area or adopting Tax
|1010|
J. TIF Area Designation- CDC Form2b-recoiiiin 111904
Increment Allocation Financing for an area, it is necessary that the Commission hold a public hearing (the "Hearing") pursuant to Section 5/ll-74.4-5(a) of the Act, convene a meeting of a joint review board (the "Board") pursuant to Section 5/ll-74.4-5(b) of the Act, set the dates of such Hearing and Board meeting and give notice thereof pursuant to Section 5/11-74.4-6 of the Act; and
WHEREAS, a public meeting (the "Public Meeting") was held in accordance and in compliance with the requirements of Section 5/ll-74.4-6(e) of the Act, on July 29, 2022 at 6:00PM via Zoom webinar, (this date being more than 14 business days before the scheduled mailing of the notice of the Hearing [hereinafter defined], as specified in the Act), pursuant to notice from the City's Commissioner of the Department of Planning and Development, given on July 5, 2022, (this date being more than 15 days before the date of the Public Meeting, as specified in the Act), by certified mail to all taxing districts having real property in the proposed Area and to all entities requesting that information that have taken the steps necessary to register to be included on the interested parties registry forthe proposed Area in accordance with Section 5/11-74.4-4.2 of the Act and, with a good faith effort, by regular mail, to all residents and to the last known persons who paid property taxes on real estate in the proposed Area (which good faith effort was satisfied by such notice being mailed to each residential address and to the person or persons in whose name property taxes were paid on real property for the last preceding year located in the proposed Area); and
WHEREAS, the Report and Plan were made available for public inspection and review since September 2, 2022, being a date not less than 10 days before the Commission meeting at which the Commission adopted Resolution 22-CDC-45 on September 13, 2022 fixing the time and place forthe Hearing, via Zoom webinar, in the following offices: City Clerk, Room 107 and Department of Planning and Development, Room 1000; and
WHEREAS, notice of the availability of the Report and Plan, including how to obtain, this information, were sent by mail on 43rd/Cottage Grove which is within a reasonable time after the adoption by the Commission of Resolution on September 13, 2022 to: (a) all residential addresses that, after a good faith effort, were determined to be (i) located within the Area and (ii) located outside the proposed Area and within 750 feet of the boundaries of the Area (or, if applicable, were determined to be the 750 residential addresses that were outside the proposed Area and closest to the boundaries of the Area); and (b) organizations and residents that were registered interested parties for such Area; and
WHEREAS, notice of the Hearing by publication was given at least twice, the first publication being on October 27, 2022 a date which is not more than 30 nor less than 10 days prior to the Hearing, and the second publication being on October 28, 2022, both in the Chicago Tribune,
|1010|
J TIF Area Designation. CDC Fonn2b-rccojnin 111904
being newspapers of general circulation within the taxing districts having property in the Area; and
WHEREAS, notice of the Hearing was given by mail to taxpayers by depositing such notice in the United States mail by certified mail addressed to the persons in whose names the general taxes for the last preceding year were paid on each lot, block, tract or parcel of land lying within the Area, on October 28,2022, being a date not less than 10 days prior to the date set for the Hearing; and where taxes for the last preceding year were not paid, notice was also mailed to the persons last listed on the tax rolls as the owners of such property within the preceding three years; and
WHEREAS, notice of the Hearing was given by mail to the Illinois Department of Commerce and Economic Opportunity ("DECO") and members ofthe Board (including notice ofthe convening of the Board), by depositing such notice in the United States mail by certified mail addressed to DECO and all Board members, on August 15, 2022, being a date not less than 45 days prior to the date set for the Hearing; and
WHEREAS, notice of the Hearing and copies of the Report and Plan were sent by mail to taxing districts having taxable property in the Area, by depositing such notice and documents in the United States mail by certified mail addressed to all taxing districts having taxable property within the Area, on September 22, 2022, being a date not less than 45 days prior to the date set for the Hearing; and
WHEREAS, the Hearing was held on November 8, 2022 at 1:00 p.m. virtually via Zoom Webinar, as the official public hearing, and testimony was heard from all interested persons or representatives of any affected taxing district present at the Hearing and wishing to testify, concerning the Commission's recommendation to City Council regarding approval of the Plan, designation of the Area as a Redevelopment Project Area and adoption of Tax Increment Allocation Financing within the Area; and
WHEREAS, the Board meeting was convened on October 6, 2022 at 10:00 a.m. (being a date at least 14 days but not more than 28 days after the date of the mailing of the notice to the taxing districts on September 22, 2022 via Zoom webinar, to review the matters properly coming before the Board to allow it to provide its advisory recommendation regarding the approval ofthe Plan, designation of the Area as a Redevelopment Project Area, adoption of Tax Increment Allocation Financing within the Area and other matters, if any, properly before it, all in accordance with Section 5/ll-74.4-5(b) ofthe Act; and
WHEREAS, the Commission has reviewed the Report and Plan, considered testimony from the Hearing, if any, the recommendation of the Board, if any, and such other matters or studies as the Commission deemed necessary or appropriate in making the findings set forth herein and
|1010|
J TIF Area Designation CDC Komi2b-recomm 111904
formulating its decision whether to recommend to City Council approval ofthe Plan, designation of the Area as a Redevelopment Project Area and adoption of Tax Increment Allocation Financing within the Area; now, therefore,
BE IT RESOLVED BY THE COMMUNITY DEVELOPMENT COMMISSION OFTHE CITY OF CHICAGO:
Section 1. The above recitals are incorporated herein and made a part hereof.
Section 2. The Commission hereby makes the following findings pursuant to Section 5/11-74.4-3(n) ofthe Act or such other section as is referenced herein:
The Area on the whole has not been subject to growth and development through investment by private enterprise and would not reasonably be expected to be developed without the adoption of the Plan;
The Plan:
conforms to the comprehensive plan for the development of the City as a whole; or
the Plan either (A) conforms to the strategic economic development or redevelopment plan issued by the Chicago Plan Commission or (B) includes land uses that have been approved by the Chicago Plan Commission;
The Plan meets all ofthe requirements of a redevelopment plan as defined in the Act and, as set forth in the Plan, the estimated date of completion of the projects described therein and retirement of all obligations issued to finance redevelopment project costs is not later than December 31 of the year in which the payment to the municipal treasurer as provided in subsection (b) of Section 5/11-74.4-8 ofthe Act is to be made with respect to ad valorem taxes levied in the thirty-fifth calendar year following the year of the adoption of the ordinance approving the designation of the Area as a redevelopment project area and, as required pursuant to Section 5/11-74.4-7 of the Act, no such obligation shall have a maturity date greater than 20 years;
To the extent required by Section 5/ll-74.4-3(n) (6) of the Act, the Plan incorporates the housing impact study, if such study is required by Section 5/ll-74.4-3(n)(5) of the Act;
The Plan will not result in displacement of residents from inhabited units.
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i. TIF Area Designation CDC Fomi2b-recomml 11904
The Area includes only those contiguous parcels of real property and improvements thereon that are to be substantially benefited by proposed Plan improvements, as required pursuant to Section 5/ll-74.4-4(a) ofthe Act;
As required pursuant to Section 5/ll-74.4-3(p) of the Act:
The Area is not less, in the aggregate, than one and one-half acres in size; and
Conditions exist in the Area that cause the Area to qualify for designation as a redevelopment project area and a blighted area as defined in the Act;
h. If the Area is qualified as a "blighted area", whether improved or vacant, each of the
factors necessary to qualify the Area as a Redevelopment Project Area on that basis is (i)
present, with that presence documented to a meaningful extent so that it may be
reasonably found that the factor is clearly present within the intent of the Act and (ii)
reasonably distributed throughout the improved part or vacant part, as applicable, of the
Area as required pursuant to Section 5/ll-74.4-3(a) of the Act;
i. If the Area is qualified as a "conservation area" the combination of the factors necessary
to qualify the Area as a redevelopment project area on that basis is detrimental to the
public health, safety, morals or welfare, and the Area may become a blighted area; [and]
Section 3. The Commission recommends that the City Council approve the Plan pursuant to Section 5/11-74.4-4 of the Act.
Section 4. The Commission recommends that the City Council designate the Area as a Redevelopment Project Area pursuant to Section 5/11-74.4-4 of the Act.
Section 5. The Commission recommends that the City Council adopt Tax Increment Allocation Financing within the Area.
Section 6. If any provision of this resolution shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such provision shall not affect any of the remaining provisions of this resolution.
Section 7. All resolutions, motions or orders in conflict with this resolution are hereby repealed to the extent of such conflict.
Section 8. This resolution shall be effective as ofthe date of its adoption.
Section 9. A certified copy of this resolution shall be transmitted to the City Council.
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J. TIF Area Designation CDC Fonn2b-recomml 11904
ADOPTED: ll)0 J
List of Attachments:
Exhibit A: Street Boundary Description of the Area
EXHIBIT A
Street Boundary Description of the 43rd/Cottage Grove Tax Increment Financing Redevelopment Project Area
The area is generally bounded by Pershing Road to the north, Drexel Boulevard to the east, 48th Street on the south, and Vincennes Avenue to the west.
|1010|
Exhibit C
Legal description of the Expanded Area
ALL THAT PART OF WEST HALF OF SECTION 2, THE EAST HALF OF SECTION 3, THE NORTHEAST QUARTER OF SECTION 10 AND THE WEST HALF OF THE NORTHWEST QUARTER OF SECTION 11, ALL IN TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, BOUNDED AND DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF SOUTH VINCENNES AVENUE AND EAST 44TH STREET, BEING ALSO THE NORTHEAST CORNER OF LOT 1 IN C.W. HOFF'S SUBDIVISION OF LOTS 18 TO 21 IN WARD'S SUBDIVISION OF THE NORTH QUARTER, SOUTH HALF, NORTHWEST QUARTER, SOUTHEAST QUARTER OF SECTION 3, AFORESAID, ACCORDING TO THE PLAT THEREOF RECORDED DECEMBER 13, 1897 AS DOCUMENT NO. 3626139: THENCE EASTERLY ALONG THE SOUTH LINE OF SAID EAST 44TH STREET EXTENDED TO AN INTERSECTION WITH THE WEST LINE OF SOUTH ST. LAWRENCE AVENUE, BEING ALSO THE NORTHEAST CORNER OF LOT 1 IN AFORESAID WARD'S SUBDIVISION RECORDED JUNE 13, 1841 (ANTE-FIRE): THENCE SOUTHERLY ALONG THE WEST LINE EXTENDED OF SAID ST. LAWRENCE AVENUE TO AN INTERSECTION WITH THE SOUTH LINE OF EAST 47TH STREET; THENCE CONTINUING SOUTH ALONG THE WEST LINE OF SOUTH ST. LAWRENCE AVENUE TO THE WESTERLY EXTENSION OF THE NORTH LINE OF LOT 47 IN BLOCK 1 IN THE SUBDIVISION OF LOTS 3, 4 AND 5 IN STONE AND MCGLASHAN'S SUBDIVISION OF THE NORTH HALF OF THE NORTH HALF OF THE NORTHEAST QUARTER OF SECTION 10, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, SAID NORTH LINE OF LOT 47 BEING ALSO THE SOUTH LINE OF THE ALLEY SOUTH OF EAST 47TH STREET; THENCE EAST ALONG SAID WESTERLY EXTENSION AND ALONG THE SOUTH LINE OF THE ALLEY SOUTH OF EAST 47TH STREET TO THE WEST LINE OF SOUTH EVANS AVENUE; THENCE SOUTH ALONG SAID WEST LINE OF SOUTH EVANS AVENUE TO THE SOUTH LINE OF EAST 48TH STREET; THENCE EAST ALONG SAID SOUTH LINE OF EAST 48TH STREET TO THE SOUTHERLY EXTENSION OF THE WEST LINE OF LOT 18 IN BLOCK 2 OF W. H. COLVIN'S SUBDIVISION OF LOTS 2, 3, 6, 7 AND 10 IN BLOCK 2 IN DREXEL AND SMITH'S SUBDIVISION OF THE WEST HALF OF THE NORTHWEST QUARTER AND THE WEST HALF OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 11, TOWNSHIP 38, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, SAID WEST LINE OF LOT 18 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID SOUTHERLY EXTENSION AND ALONG THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE TO THE NORTH LINE OF LOT 18 IN BLOCK 1 OF AFORESAID W. H. COLVIN'S SUBDIVISION, SAID NORTH LINE OF LOT 18 IN BLOCK 1 BEING ALSO THE SOUTH LINE OF THE ALLEY SOUTH OF EAST 47TH STREET; THENCE EAST ALONG SAID SOUTH LINE OF THE ALLEY SOUTH OF EAST 47TH STREET AND ALONG THE EASTERLY EXTENSION THEREOF TO THE WEST LINE OF LOTS 5 AND 6 IN THE RESUBDIVISION OF LOTS 1, 4, 5, 8 AND 9 IN BLOCK 2 OF AFORESAID DREXEL AND SMITH'S SUBDIVISION, SAID WEST LINE OF LOTS 5 AND 6 BEING ALSO THE EAST LINE OF THE ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY WEST OF SOUTH DREXEL BOULEVARD TO SOUTH LINE OF EAST 47TH STREET; THENCE EAST ALONG SAID SOUTH LINE OF EAST 47TH STREET TO THE EAST LINE OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG SAID EAST LINE OF SOUTH DREXEL BOULEVARD TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOT 6 IN THE RESUBDIVISION OF BLOCK 7 OF WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN; THENCE WEST ALONG SAID EASTERLY EXTENSION AND THE SOUTH LINE OF LOT 6 IN THE
RESUBDIVISION OF BLOCK 7 OF WALKER AND STINSON'S SUBDIVISION TO THE WEST LINE OF SAID LOT 6, SAID WEST LINE OF LOT 6 BEING ALSO THE EAST LINE OF THE ALLEY WEST OF SOUTH DREXEL BOULEVARD;
THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY WEST OF SOUTH DREXEL BOULEVARD TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF LOTS 30 THROUGH 34, BOTH INCLUSIVE, IN SAID RESUBDIVISION OF BLOCK 7 OF WALKER AND STINSON'S SUBDIVISION, SAID SOUTH LINE OF LOTS 30 THROUGH 34 BEING ALSO THE NORTH LINE OF THE ALLEY NORTH OF EAST 47TH STREET; THENCE WEST ALONG SAID EASTERLY EXTENSION AND THE NORTH LINE OF THE ALLEY NORTH OF EAST 47TH STREET TO THE WEST LINE OF LOT 30 IN SAID RESUBDIVISION OF BLOCK 7 OF WALKER AND STINSON'S SUBDIVISION, SAID WEST LINE OF LOT 30 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE TO THE NORTH LINE OF LOT 14 IN HAINE'S SIDNEY AND LAYTON'S SUBDIVISION OF BLOCK 6 OF AFORESAID WALKER AND STINSON'S SUBDIVISION, SAID NORTH LINE OF LOT 14 BEING ALSO THE SOUTH LINE OF THE ALLEY NORTH OF EAST 46TH STREET; THENCE EAST ALONG SAID NORTH LINE OF LOT 14 TO THE SOUTHERLY EXTENSION OF THE WEST LINE OF LOTS 5 THROUGH 8, BOTH INCLUSIVE, IN SAID HAINE'S SIDNEY AND LAYTON'S SUBDIVISION, SAID WEST LINE OF LOTS 5 THROUGH 8 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE AND ALONG THE NORTHERLY EXTENSION THEREOF TO THE SOUTH LINE OF LOT 27 IN SAID HAINE'S SIDNEY AND LAYTON'S SUBDIVISION, SAID SOUTH LINE OF LOT 27 BEING ALSO THE NORTH LINE OF THE ALLEY SOUTH OF EAST 45TH STREET; THENCE WEST ALONG SAID SOUTH LINE OF LOT 27 IN HAINE'S SIDNEY AND LAYTON'S SUBDIVISION TO THE WEST LINE THEREOF, SAID WEST LINE OF LOT 27 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID WEST LINE OF LOT 27 HAINE'S SIDNEY AND LAYTON'S SUBDIVISION AND ALONG THE NORTHERLY EXTENSION THEREOF TO THE SOUTH LINE OF EAST 45TH STREET; THENCE EAST ALONG SAID SOUTH LINE OF EAST 45TH STREET TO THE SOUTHERLY EXTENSION OF THE EAST LINE OF AN EXISTING ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE NORTH SAID SOUTHERLY EXTENSION, AND ALONG THE EAST LINE OF SAID EXISTING ALLEY TO THE NORTH LINE OF AN EXISTING ALLEY NORTH OF 45TH STREET; THENCE WEST ALONG THE NORTH LINE OF SAID EXISTING ALLEY TO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE TO THE SOUTHWEST CORNER OF LOT 9 IN THE ELISE FRANK SUBDIVISION OF LOTS 1,2,3 AND 4 IN BLOCK 3 IN WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN AS RECORDED JULY 15, 1918 AS DOCUMENT 6359019; THENCE EAST ALONG THE SOUTH LINE OF SAID LOT 9 AND ALONG THE SOUTH LINE OF LOTS 4 THROUGH 8 AND SAID LINE EXTENDED EASTERLY OF SAID ELISE FRANK SUBDIVISION TO THE EAST LINE OF AN ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE EAST LINE OF SAID ALLEY TO THE SOUTHWEST CORNER OF LOT 3 OF SAID ELISE FRANK SUBDIVISION; THENCE EAST ALONG THE SOUTH LINE OF SAID LOT 3 TO THE WEST LINE OF SOUTH DREXEL BOULEVARD; THENCE SOUTH ALONG THE WEST LINE OF SAID SOUTH DREXEL BOULEVARD TO THE SOUTH LINE OF EAST 45TH STREET; THENCE EAST ALONG THE SOUTH LINE OF SAID 45TH STREET TO THE EAST LINE OF SOUTH ELLIS AVENUE; THENCE NORTH ALONG THE EAST LINE OF SOUTH ELLIS AVENUE TO THE NORTH LINE OF EAST 43RD STREET; THENCE WEST ALONG THE
NORTH LINE OF SAID EAST 43RD STREET TO THE EAST LINE OF AN EXISTING ALLEY EAST OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE EAST LINE
OF SAID ALLEY AND SAID EAST LINE EXTENDED, TO THE NORTH LINE OF 42ND PLACE; THENCE WEST ALONG THE NORTH LINE OF SAID 42ND PLACE TO THE EAST LINE OF AN EXISTING ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE EAST LINE OF SAID ALLEY AND SAID EAST LINE EXTENDED TO THE NORTH LINE OF 42ND STREET; THENCE WEST ALONG THE NORTH LINE OF SAID 42ND STREET TO THE WEST LINE OF LOT 37 IN BLOCK 2 OF CHAS. R. STEELE'S RESUBDIVISION OF BLOCK 1 OF BAYARD AND PALMER'S ADDITION AS RECORDED NOVEMBER 22, 1884 AS DOCUMENT 589443, SAID WEST LINE OF LOT 37 BEING ALSO THE EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTH ALONG SAID EAST LINE OF THE ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE TO THE SOUTH LINE OF EAST BOWEN AVENUE; THENCE WEST ALONG SAID SOUTH LINE OF EAST BOWEN AVENUE TO THE EAST LINE OF SOUTH COTTAGE GROVE AVENUE; THENCE NORTHERLY ALONG THE EAST LINE EXTENDED OF SAID COTTAGE GROVE AVENUE TO AN INTERSECTION WITH THE EASTERLY EXTENSION OF THE NORTH LINE OF EAST OAKWOOD BOULEVARD; THENCE WESTERLY ALONG THE NORTH LINE OF SAID OAKWOOD BOULEVARD TO AN INTERSECTION WITH THE EAST LINE OF SOUTH LANGLEY AVENUE, BEING ALSO THE SOUTHWEST CORNER LOT 15 IN CLEAVERVILLE ADDITION, ACCORDING TO THE PLAT THEREOF RECORDED JANUARY 17, 1868, RERECORDED MARCH 10, 1873 AS DOCUMENT NO. 88402; THENCE NORTHERLY ALONG THE EAST LINE OF SAID SOUTH LANGLEY AVENUE EXTENDED TO AN INTERSECTION WITH THE NORTH LINE OF PERSHING ROAD; THENCE WESTERLY ALONG THE NORTH LINE OF SAID EAST PERSHING ROAD EXTENDED TO AN INTERSECTION WITH THE NORTHERLY EXTENSION OF THE WEST LINE OF VINCENNES AVENUE; THENCE SOUTHWESTERLY ALONG THE WEST LINE EXTENDED OF SAID VINCENNES AVENUE TO AN INTERSECTION WITH THE CENTER LINE OF EAST 40TH STREET; THENCE EASTERLY ALONG THE CENTER LINE OF SAID EAST 40TH STREET TO AN INTERSECTION WITH THE CENTER LINE OF SOUTH VINCENNES AVENUE; THENCE SOUTHWESTERLY ALONG THE CENTER LINE OF SAID SOUTH VINCENNES AVENUE TO AN INTERSECTION WITH THE CENTER LINE OF EAST BOWEN STREET; THENCE WESTERLY ALONG THE CENTER LINE OF SAID EAST BOWEN STREET TO AN INTERSECTION WITH THE NORTHERLY EXTENSION OF THE WEST LINE OF SOUTH VINCENNES AVENUE; THENCE SOUTHWESTERLY ALONG THE WEST LINE EXTENDED OF SAID SOUTH VINCENNES AVENUE TO THE SOUTHEAST CORNER OF LOT 36 IN BOTSFORD'S BOULEVARD SUBDIVISION ACCORDING TO THE PLAT THEREOF RECORDED MAY 20, 1886 AS DOCUMENT NOT. 719099; THENCE SOUTHERLY TO AN INTERSECTION WITH THE SOUTH LINE OF EAST 43RD STREET, BEING ALSO THE NORTHEAST CORNER OF LOT 35 IN THE SUBDIVISION OF THE NORTH HALF OF THE NORTHWEST QUARTER OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SECTION 3, AFORESAID, ACCORDING TO THE PLAT THEREOF RECORDED FEBRUARY 26, 1892 AS DOCUMENT NO. 1618088; THENCE SOUTHERLY ALONG THE EAST LINE OF SAID LOT 35 AND THE WEST LINE OF SOUTH VINCENNES AVENUE TO THE SOUTHEAST CORNER OF LOT 42 IN AFORESAID SUBDIVISION TO AN INTERSECTION WITH THE WEST LINE OF VINCENNES AVENUE, BEING ALSO THE NORTHEAST CORNER OF LOT 9 IN EMIGH AND KILMER'S PLAT RECORDED JUNE 26, 1869 (ANTE-FIRE): THENCE SOUTH ALONG THE EAST LINE OF LOT 9 IN SAID EMIGH AND KILMER'S PLAT AND ALONG SAID WEST LINE OF VINCENNES AVENUE EXTENDED TO THE POINT OF BEGINNING, IN THE CITY OF CHICAGO, COOK COUNTY, ILLINOIS.
EXCEPTING THEREFROM THE FOLLOWING DESCRIBED LANDS:
THAT PART OF TYLER'S SUBDIVISION OF BLOCK 2 OF WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED JULY 30, 1873 AS DOCUMENT 111445, DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF LOT 1 IN SAID TYLER'S SUBDIVISION, SAID CORNER ALSO BEING THE INTERSECTION OF THE SOUTH LINE OF EAST 43RD STREET WITH THE WEST LINE OF SOUTH DREXEL BOULEVARD; THENCE WEST ALONG THE SOUTH LINE OF SAID EAST 43RD STREET TO THE EAST LINE OF THE WEST 136 FEET 9 3/4 INCHES OF SAID LOT 1; THENCE SOUTH ALONG SAID EAST LINE AND THE EAST LINE OF THE WEST 136 FEET 9 3/4 INCHES OF LOTS 2, 3 AND 4 IN SAID TYLER'S SUBDIVISION TO THE SOUTH LINE OF SAID LOT 4; THENCE EAST ALONG THE SOUTH LINE OF SAID LOT 4 TO THE WEST LINE OF SAID SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE WEST LINE OF SAID SOUTH DREXEL BOULEVARD TO THE POINT OF BEGINNING;
AND ALSO EXCEPTING THEREFROM THE FOLLOWING DESCRIBED LANDS:
THAT PART OF TYLER'S SUBDIVISION OF BLOCK 2 OF WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED JULY 30, 1873 AS DOCUMENT 111445, AND THAT PART OF LAFLIN AND HOFFMAN'S SUBDIVISION OF LOTS 5 TO 8 IN TYLER'S SUBDIVISION OF BLOCK 2 OF WALKER AND STINSON'S SUBDIVISION OF THE WEST HALF OF THE SOUTHWEST QUARTER OF SECTION 2, TOWNSHIP 38 NORTH, RANGE 14 EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED OCTOBER 24, 1888 AS DOCUMENT 1020473, DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHEAST CORNER OF LOT 12 OF SAID TYLER'S SUBDIVISION, SAID CORNER ALSO BEING THE INTERSECTION OF THE NORTH LINE OF EAST 44TH STREET WITH THE WEST LINE OF SOUTH DREXEL BOULEVARD; THENCE NORTH ALONG THE WEST LINE OF SAID SOUTH DREXEL BOULEVARD TO THE INTERSECTION WITH THE NORTH LINE OF THE SOUTH 25 FEET OF LOT 3 IN SAID LAFLIN AND HOFFMAN'S SUBDIVISION; THENCE WEST ALONG THE NORTH LINE OF THE SOUTH 25 FEET OF SAID LOT 3 TO THE WEST LINE OF SAID LOT 3, SAID LINE ALSO BEING THE EAST LINE OF AN ALLEY WEST OF SOUTH DREXEL BOULEVARD; THENCE SOUTH ALONG THE EAST LINE OF SAID ALLEY TO THE EASTERLY EXTENSION OF THE SOUTH LINE OF AN ALLEY NORTH OF 44TH STREET; THENCE WEST ALONG SAID EASTERLY EXTENSION AND THE SOUTH LINE OF SAID ALLEY TO THE NORTHWEST CORNER OF LOT 14 OF SAID TYLER S SUBDIVISION, SAID CORNER BEING ON THE EAST LINE OF AN ALLEY EAST OF SOUTH COTTAGE GROVE AVENUE; THENCE SOUTH ALONG THE WEST LINE OF SAID LOT 14 TO THE NORTH LINE OF SAID EAST 44TH STREET; THENCE EAST ALONG THE NORTH LINE OF SAID EAST 44TH STREET TO THE POINT OF BEGINNING, ALL IN COOK COUNTY, ILLINOIS.
Exhibit D
Street location of the Expanded Area
The area is generally bounded by Pershing Road to the north, Drexel Boulevard to the east, 48th Street to the south, and Vincennes Avenue to the west.
Exhibit E
Map of the Expanded Area
City of Chicago / 43i d/Cottnge Grove TIF - Amendment No. 2
Map 2: 2022 RPA Boundary and 2022 Expansion Area Boundary
ST
£ 47th ST
?
N
S>y 2022 Expansion Area
Source- City of Chicago, Cook County Assessor, Esn, SB Friedman
SB Friedman Development Advisors