Ordinance O2023-0006005
Passed
Non-Routine
Ward Matters
Economic Development
Tax Increment Financing
Amendment No. 2 to Greater Southwest Industrial East Tax Increment Finance (TIF) Area Redevelopment Plan and Project regarding state statutory project repayment deadlines
Auto-generated summary
The Chicago City Council approved a redevelopment plan for the Greater Southwest Industrial Corridor (East) Area under the Tax Increment Allocation Redevelopment Act, with tax increment financing. Amendment No. 1 in 2006 extended the project completion to 2023, and SB0696 extended it to 2035. Amendment Number 2, approved by Mayor Brandon Johnson and the Commissioner of Planning and Development, conforms to Sections 11-74.4-3(n)(3) and 11-74.4-3.5(c) of the Act. Alderman Pat Dowell also supports the ordinance.
