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Committee on Finance

Tuesday, January 31, 2023 · 10:00 AM AM · City Hall - Council Chamber - Chicago, Illinois

TL;DR

The City of Chicago's Finance Committee approved multiple amendments to expand three urban redevelopment project areas in Madden/Wells, Bronzeville, and 43rd/Cottage Grove neighborhoods. These amendments will enable Tax Increment Financing (TIF) to support future development and potentially attract new investments to these areas. Additionally, the committee approved a tax increment financing agreement to help the American Blues Theater construct a new facility.

Key Decisions

  • Madden/Wells Redevelopment Project Area Expansion Passed
  • Bronzeville Redevelopment Project Area Expansion Passed
  • 43rd/Cottage Grove Redevelopment Project Area Expansion Passed
  • American Blues Theater TIF Assistance Passed
  • Settlement Agreement for Imam Legal Case Passed

Agenda

  1. Attendance
  2. 1 Repeal of previous Tax Increment Financing (TIF) redevelopment project and plan amendment ordinances for Madden/Wells Redevelopment Project Area, Bronzeville Redevelopment Project Area and 43rd/Cottage Grove Redevelopment Project Area, initially passed out of sequence
    Ordinance
  3. 2 Approval of Amendment No. 1 to Madden/Wells Redevelopment Project Area Redevelopment Plan for expansion of project area
    Ordinance
  4. 3 Designation of Amendment No. 1 expanded Madden/Wells Redevelopment Project Area as redevelopment project area pursuant to Tax Increment Allocation Redevelopment Act
    Ordinance
  5. 4 Adoption of Tax Increment Allocation Financing (TIF) for Amendment No. 1 to redevelopment plan for expanded Madden/Wells Redevelopment Project Area
    Ordinance
  6. 5 Approval of Amendment No. 6 to Bronzeville Redevelopment Project Area Redevelopment Plan for expansion of project area
    Ordinance
  7. 6 Designation of Amendment No. 6 expanded Bronzeville Redevelopment Project Area as redevelopment area pursuant to Tax Increment Allocation Redevelopment Act
    Ordinance
  8. 7 Adoption of Tax Increment Allocation Financing for Amendment No. 6 to provide Tax Increment Allocation Financing for enlarged Bronzeville Redevelopment Project Area
    Ordinance
  9. 8 Approval of Amendment No. 3 to 43rd/Cottage Grove Redevelopment Plan for expansion of project area
    Ordinance
  10. 9 Designation of Amendment No. 3 expanded 43rd/Cottage Grove Redevelopment Project Area as redevelopment project area pursuant to Tax Increment Allocation Redevelopment Act
    Ordinance
  11. 10 Adoption of Tax Increment Allocation Financing (TIF) for Amendment No. 3 to redevelopment plan for expanded 43rd/Cottage Grove Redevelopment Project
    Ordinance
  12. 11 Redevelopment agreement with American Blues Theater NFP and provision of tax increment financing (TIF) assistance for construction of theater facility at 5627 N Lincoln Ave
    Ordinance
  13. 12 Tag day permit(s) for Planned Parenthood Federation of America
    Order
  14. 13 Settlement agreement regarding case of Talat Ara Imam, individually and as Independent Administrator of the Estate of Syed Muhammad Fatah Imam, deceased v. City of Chicago, et al, No. 20 L 2964
    Order