Office of the City Clerk - Record #: O2011-4598

• Record #: O2011-4598
• Type: Ordinance
• Status: Passed
• Intro date: 6/8/2011
• Current Controlling Legislative Body: Committee on Finance
• Final action: 7/6/2011
• Title: Amendment No. 2 to Fullerton-Milwaukee Tax Increment Financing (TIF) Redevelopment Plan and Project
• Sponsors: Emanuel, Rahm
• Topic: TAX INCREMENT FINANCING DISTRICTS - Fullerton/MIlwaukee T.I.F.

Date	Journal Page Number	Action By	Action	Result
7/12/2011		Office of the Mayor	Signed by Mayor
7/6/2011	2076	City Council	Passed	Pass
6/22/2011		Committee on Finance	Recommended to Pass	Pass
6/8/2011	174	City Council	Referred

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S:\Finance\GaynorNew\Planning\TIFs\Fullerton-MilwaukeeAmendment\ord 1.doc
ORDINANCE
WHEREAS, under ordinances adopted on February 16,2000, and published in the Journal of Proceedings of the City Council for such date (the "Journal of Proceedings") at pages 25064 to 25205, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et sea, 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 "Fullerton/Milwaukee Redevelopment Project Area" (the "Original Redevelopment Project Area") (such ordinance being defined herein as the "Plan Ordinance"); (ii) designated the Original 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 Original Redevelopment Project Area (the "TIF Adoption Ordinance") (the Plan Ordinance, the Designation Ordinance and the TIF Adoption Ordinance are collectively referred to in this ordinance as the "TIF Ordinances"); and
WHEREAS, Public Act 91-478 (the "Amendatory Act"), which became effective November 1,1999, amended the Act, among other things, to: (i) change the dates set forth in Section 11 -74.4-3(n)(3) of the Act by which redevelopment projects must be completed and obligations issued to finance redevelopment project costs must be retired to be no later than December 31 of the year in which the payment to a municipal treasurer as provided in Section 11-74.4-8(b) of the Act is to be made with respect to ad valorem taxes levied in the twenty-third calendar year after the year in which the ordinance approving a redevelopment project area is adopted; and (ii) add redevelopment project costs to the list of eligible costs pursuant Section 11-74.4-3(q) of the ...