Office of the City Clerk - Record #: O2023-1382

• Record #: O2023-1382
• Type: Ordinance
• Status: Passed
• Intro date: 3/15/2023
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/19/2023
• Title: Second amendment to Madison-Austin Corridor Tax Increment Financing (TIF) Redevelopment Project and Plan regarding extension of completion dates and retirement of tax increment financing debt obligations
• Sponsors: Lightfoot, Lori E.
• Topic: TAX INCREMENT FINANCING DISTRICTS - Madison/Austin T.I.F. - Amendment

Date	Journal Page Number	Action By	Action	Result
4/19/2023	62459	City Council	Passed	Pass
3/15/2023	60738	City Council	Referred

OFFICE OF THE MAYOR CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
March 15. 2023
TO THE HONORABLE, THE CITY COUNCIL OF T HE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Planning and Development, I transmit herewith ordinance authorizing the second amendment to the Madison-Austin Corridor TIF Redevelopment Project and Plan.
Your favorable consideration of this ordinance will be appreciated.ORDINANCE
WHEREAS, pursuant to ordinances adopted on September 29,1999, and published in the Journal of Proceedings of the City Council of the City of Chicago (the "Journal") for such date at pages 11506 to 11662, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seg., as amended (the "Act"), the City Council (the "Corporate Authorities") of the City of Chicago (the "City"): (i) approved a redevelopment plan and project (the "Original Plan") for a portion of the City known as the "Madison/Austin Corridor Redevelopment Project Area" (the "Area") (the "Original Plan Ordinance"); (ii) designated the Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance"); and (iii) adopted tax increment financing for the Area (the "TIF Adoption Ordinance" and together with the Original Plan Ordinance and the Designation Ordinance, referred to herein collectively as the "TIF Ordinances"); and
WHEREAS, the Corporate Authorities amended the Original Plan Ordinance pursuant to an .ordinance adopted on November 3, 2004, and published in the Journal for such date at pages 34555 to 34569 ("Amendment No. 1" and together with the Original Plan, the "Plan"); and
WHEREAS, the Original Plan established the estimated dates of completion of the redevelopment project described in the Plan and of the retirement of obligations issued to finance redevelopment project costs to be September 29, 2022, which date is not more than twenty-three (23) years from the date of the adoption of the Designation O...