OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
July 28, 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 authorizing the execution of a redevelopment agreement for Resurrection University and Saints Mary and Elizabeth Medical Center.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours,
Mayor
ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council (the "City Council") of the City of Chicago (the "City") on June 27, 2001, and published at pages 62056 through 62192 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project (the "Redevelopment Plan") for the Humboldt Park Commercial Redevelopment Project Area (the "Redevelopment Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1, et seq.) (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on June 27, 2001, and published at pages 62193 through 62204 of the Journal of such date, the Redevelopment Area was designated as a redevelopment project area pursuant to the Act; and ยป
WHEREAS, pursuant to an ordinance (the "TIF Ordinance") adopted by the City Council on June 27, 2001, and published at pages 62205 through 62215 of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of.financing certain redevelopment project costs (as defined in the Act) incurred pursuant to the Redevelopment Plan; and
WHEREAS, Saints Mary and Elizabeth Medical Center, an Illinois not for profit corporation ("SMEMC") owns certain hospital facilities (the "Building") and related parking located within the Redevelopment Area generally at 1431 North Claremont Avenue, Chicago, Illinois, and SMEMC proposes to lease a portion of the Building to Resu...
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