Record #: O2023-1044   
Type: Ordinance Status: Passed
Intro date: 2/1/2023 Current Controlling Legislative Body: Committee on Finance
Final action: 3/15/2023
Title: First amendment of intergovernmental agreement with Chicago Park District ordinance to increase maximum available Tax Incremental Financing (TIF) funds for renovation of Riis Park fieldhouse at 6100 W Fullerton Ave
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Intergovernmental
Attachments: 1. O2023-1044.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR
February 1. 2023










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith ordinances authorizing the execution of intergovernmental agreements with the Chicago Park District to provide TIF funds for improvement at various City parks.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours,

ORDINANCE

WHEREAS, the City of Chicago (the "City"), is a home rule unit of government under Article VII, Section 6(a) ofthe 1970 Constitution ofthe State of Illinois, and as such may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, the Chicago Park District (the "Park District"), is an Illinois municipal corporation and a unit of local government under Article VII, Section 1 ofthe 1970 Constitution of the State of Illinois, and as such is authorized to exercise control over and supervise the operation of all parks within the corporate limits of the City; and

WHEREAS, in accordance with the provisions of the Act, and pursuant to ordinances adopted on February 5, 2003 and published in the Journal ofthe Proceedings ofthe City Council ofthe City (the "Journal") for said date at pages 102994 to 103086, the City Council: (i) approved and adopted a redevelopment plan and project (the "Plan") for a portion ofthe City known as the "Diversey/Narragansett Redevelopment Project Area" (the "Area"); (ii) designated the Area as a "redevelopment project area"; and (iii) adopted tax increment allocation financing for the Area; and

WHEREAS, under 65 ILCS 5/11-74.4-3(q)(7), such incremental ad valorem taxes which pursuant to the Act have been collected and are allocated to pay redevelopment project costs and obligations incurred in the payment thereof (the "Increment") may be used to pay all or a portion of a taxing district's capital...

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