Office of the City Clerk - Record #: O2011-4585

• Record #: O2011-4585
• Type: Ordinance
• Status: Passed
• Intro date: 6/8/2011
• Current Controlling Legislative Body: Committee on Finance
• Final action: 7/6/2011
• Title: Amendment No. 1 to Belmont/Central Tax Increment Financing (TIF) Redevelopment Plan and Project
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - Belmont/Central T.I.F.

Date	Journal Page Number	Action By	Action	Result
7/12/2011		Office of the Mayor	Signed by Mayor
7/6/2011	2231	City Council	Passed	Pass
6/22/2011		Committee on Finance	Recommended to Pass	Pass
6/8/2011	174	City Council	Referred

S:\Finance\GaynorNew\Planning\TIFs\Belmont-CentralAmendment\ord 1.doc
ORDINANCE
WHEREAS, under ordinances adopted on January 12,2000, and published in the Journal of Proceedings of the City Council for such date (the "Journal of Proceedings") at pages 22590 to 22740, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et sec-., as amended (the "Act"), the City Council (the "City Council") 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 "Belmont/Central Redevelopment Project Area" (the "Redevelopment Project Area") (such ordinance being defined herein as the "Original Plan Ordinance"); (ii) designated the Redevelopment Project Area as a "redevelopment project area" within the requirements of the Act (the "Designation Ordinance") and, (iii) adopted tax increment financing for the Redevelopment Project Area (the "TIF Adoption Ordinance"); and
WHEREAS, on May 17, 2000 the City Council adopted an ordinance published, in the Journal of Proceedings for such date at pages 32103 to 32222 revising the Original Plan in certain respects (as revised, the "Revised Plan") (such ordinance being defined herein as the "Revised Plan Ordinance," and, together with the Original Plan Ordinance, the Designation Ordinance and the TIF Adoption Ordinance, the "TIF Ordinances"); and
WHEREAS, the City now desires to increase the total estimated redevelopment project costs set forth in the Revised Plan; and
WHEREAS, the Community Development Commission (the "Commission") of the City has heretofore been appointed by the Mayor of the City with the approval of its City Council (the City Council, referred to herein collectively with the Mayor as the "Corporate Authorities") (as codified in Section 2-124 of the City's Municipal Code) pursuant to Section 5/11-74.4-4(k) of the Act; and
WHEREA...