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Record #: O2011-3749   
Type: Ordinance Status: Passed
Intro date: 5/4/2011 Current Controlling Legislative Body: Committee on Finance
Final action: 6/8/2011
Title: Thirty-first amending agreement with SomerCor 504, Inc. to administer Small Business Improvement Fund Program in 35th/Halster, 47th/King Dr, North Branch South and Portage Park Redevelopment Project Areas
Sponsors: Daley, Richard M.
Topic: TAX INCREMENT FINANCING DISTRICTS - 47th/King T.I.F. - Small Business Improvement Fund
Attachments: 1. O2011-3749.pdf
CHICAGO June 8. 2011 To the President and Members of the City Council: Your Committee on Finance having had under consideration
An ordinance authorizing an Amendment to the Small Business Improvement Fund Program.
Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed
Ordinance Transmitted Herewith
This recommendation was concurred in by_(a(^iva voicevote
of members of the committee with_dissenting vote(s). ^ ^
Respectfully submitted

Chairman
OFFICE OF THE MAYOE
CITY OF CHICAGO
RICHARD M. DALEY
MAYOR
May 4, 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 a refunding of small business improvement funds.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours,
ORDINANCE
WHEREAS, the City of Chicago ("City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, is authorized under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended from time to time (the "Act"), to finance projects that eradicate blighted conditions and conservation area factors through the use of tax increment allocation financing for redevelopment projects; and
WHEREAS, by an ordinance adopted by the City Council of the City ("City Council") on July 21,1999, and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 8307 to 8344, inclusive ;(the "Program Ordinance"), the City implemented a redevelopment program known as the Small Business Improvement Fund program (the "Program") to provide financing assistance pursuant to the Act for the improvement of commercial and industrial facilities of small businesses in certain redevelopment project areas of the City; and
WHEREAS, by ordinances adopted by the City...

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