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 adoption of Tax Increment Allocation Financing (TIF) for Amendment No. 3 to redevelopment plan for expanded 43rd/Cottage Grove Redevelopment Project.
y
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).
Chairman
Respectfully submitted,
AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS ADOPTING TAX INCREMENT ALLOCATION FINANCING FOR AMENDMENT #3 TO THE REDEVELOPMENT PLAN FOR THE EXPANDED 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 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...
Click here for full text