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Record #: O2011-1020   
Type: Ordinance Status: Passed
Intro date: 2/9/2011 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 3/9/2011
Title: Acquisition of property at S Archer Ave and S Wentworth Ave for 24th/Michigan Redevelopment Project Area
Sponsors: Daley, Richard M.
Topic: PROPERTY - Acquisition
Attachments: 1. O2011-1020.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RICHARD M. DALEY
MAYOR
February 9, 2011
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Housing and Economic Development, 1 transmit herewith an ordinance authorizing an acquisition of property on South Archer and Wentworth Avenues.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours.
ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions of the Constitution of the State of Illinois of 1970, and as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City of Chicago ("City Council") on July 21, 1999 and published at pages 8099-8197 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project ("Plan") for the 24th/Michigan Redevelopment Project Area ("Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11 -74.4-1 et sea.) (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on July 21, 1999, and published at pages 8198-8204 of the Journal of such date, the Area was designated as a "blighted area" redevelopment project area pursuant to the Act; and
Tf-
WHEREAS, pursuant to an ordinance adopted by the City Council on July 21, 1999 and published at pages 8203 and 8205-8210 of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and
WHEREAS, the Plan and the use of tax increment financing provide a mechanism to support new growth through leveraging private investment, and helping to finance land acquisition, demolition, remediation, site preparation, rehabilita...

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