Office of the City Clerk - Record #: O2011-2633

• Record #: O2011-2633
• Type: Ordinance
• Status: Passed
• Intro date: 4/13/2011
• Current Controlling Legislative Body: Committee on Finance
• Final action: 5/4/2011
• Title: Repeal of ordinance which terminated Calumet/Cermak Tax Increment Financing (TIF) District
• Sponsors: Daley, Richard M.
• Topic: TAX INCREMENT FINANCING DISTRICTS - Calumet/Cermak T.I.F.

Date	Journal Page Number	Action By	Action	Result
5/6/2011		Office of the Mayor	Signed by Mayor	Pass
5/4/2011	116444	City Council	Passed	Pass
5/2/2011		Committee on Finance	Recommended to Pass	Pass
4/13/2011	114364	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RICHARD M. DALEY
MAYOR
April 13,2011
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, I transmit herewith an ordinance repealing a previous ordinance terminating the Calumet/Cermak TIF district.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours,
S:\SHARED\Finance\Gaynor New\Planning\TIFs\Calumet-Cermak Repeal\repeal-repeal ordinance 3.doc
ORDINANCE
WHEREAS, the City Council (the "City Council") of the City of Chicago (the "City") adopted. the following ordinances in accordance with the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seg. (the "Act") on July 29, 1998, printed on pages 74599 to 74700 of the Journal of Proceedings of the City Council of the City of Chicago, Illinois of that date: (1) approving a tax increment redevelopment plan for the Calumet Avenue/Cermak Road Redevelopment Project Area (the "Area"); (2) designating the Area as a tax increment financing district; and (3) adopting tax increment allocation financing for the Area (the Area is described on Exhibit A attached hereto and otherwise depicted on Exhibit B attached hereto, and the list of parcels comprising the Area is attached hereto as Exhibit C); and
WHEREAS, pursuant to Section 4(r) of the Act, if no redevelopment project has been initiated in a redevelopment project area within 7 years after the area was designated by ordinance under Section 4(a) of the Act, then the municipality which designated the redevelopment project area shall adopt an ordinance repealing the area's designation as a redevelopment project area; and
WHEREAS, pursuant to Section 4(r) of the Act, initiation of a redevelopment project shall be evidenced by either a signed redevelopment agreement or expenditures on eligible redevelopment project costs associated with a redevelopment project; and
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