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Ralph's Food For Less, 69th/Ashland TIF

Ralph's Food For Less, 69th/Ashland TIF

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Published by: ChicagoTalks_TIF on Dec 11, 2010
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2/9/2005 REPORTS OF COMMITTEES 41791Given under my hand and notarial seal this day ofNotary PublicMy comnussion expires:[Seal][(Sub)Exhibit "A" refened to in this Form of Subordination Agreementconstitutes (Sub)Exhibit "B" to the Redevelopment Agreementwith Finch Limited Partnership and is printed onpages 41759 through 41760 of this Journal]DESIGNATION OF RALPH'S GROCERY COMPANY, DOINGBUSINESS AS FOOD 4 LESS MIDWEST, AS PROJECTDEVELOPER, AUTHORIZATION FOR EXECUTION OFREDEVELOPMENT AGREEMENT AND ISSUANCEOF TAX INCREMENT ALLOCATION NOTE (69™/ASHLAND REDEVELOPMENT PROJECT) FORCONSTRUCTION AND OPERATION OFGROCERY STORE AND RELATEDFACILITIES AT 1601 WEST69TH STREET.The Committee on Finance submitted the following report:CHICAGO, Febmary 9, 2005.To the FYesident and Members of the City Council:
41792 JOURNAL-CITY COUNCIL-CHICAGO 2/9/2005Your Committee on Finance, having had under consideration an ordinanceauthorizing entering into and executing a redevelopment agreement with Ralph'sGrocery Company, doing business as Food 4 Less Midwest and issuance of a Cityof Chicago Tax Increment Allocation Revenue Note (69*/Ashland RedevelopmentProject), Series 2004A, amount of note not to exceed $977,000, having had the sameunder advisement, begs leave to report and recommend that Your Honorable BodyPass the proposed ordinance transmitted herewith.This recommendation was concurred in by a viva voce vote of the members of theCommittee.Respectfully submitted,(Signed) EDWARD M. BURKE,Chairman.On motion of Alderman Burke, the said proposed ordinance transmitted with theforegoing committee report was Passed by yeas and nays as follows:Yeas
Aldermen Flores, Haithcock, Tillman, Preckwinkle, Hairston, Lyle, Beavers,Stroger, Beale, Pope, Balcer, Olivo, Burke, T. Thomas, Coleman, L. Thomas, Murphy,Rugai, Troutman, Brookins, Muhoz, Zalewski, Chandler, Solis, Ocasio, Burnett,E. Smith, Carothers, Reboyras, Suarez, Matlak, MeU, Austin, Colon, Banks, Mitts,Alien, Laurino, O'Connor, Doherty, Natarus, Daley, Tunney, Levar, Shiller, Schulter,M. Smith, Moore, Stone
None.Alderman Beavers moved to reconsider the foregoing vote. The motion was lost.The following is said ordinance as passed:WHEREAS, Pursuant to an ordinance adopted by the City Council ("City Council")ofthe City ofChicago (the "City") on November 3, 2004 (the "Approval Ordinance"),a certain redevelopment plan and project (the "Plan") for the 69*/AshlandRedevelopment Project Area (the "Area") was approved pursuant to the Illinois TaxIncrement Allocation Redevelopment Act, as amended (65 ILCS 5/11
et seq.)(the "Act"); and
2/9/2005 REPORTS OF COMMITTEES 41793WHEREAS, Pursuant to an ordinance adopted by the City Council onNovember 3, 2004 (the "Designation Ordinance"), the Area was designated as aredevelopment project area pursuant to the Act; andWHEREAS, Pursuant to an ordinance adopted by the City Council onNovember 3, 2004 (the "Adoption Ordinance"), tax increment allocation financingwas adopted pursuant to the Act as a means of financing certain Arearedevelopment project costs (as defined in the Act) incuned pursuant to the Plan(the Approval Ordinance, the Designation Ordinance and the Adoption Ordinanceshall be known collectively herein as the "T.I.F. Ordinances"); andWHEREAS, Ralph's Grocery Company, doing business as Food 4 Less Midwest,an Ohio corporation (the "Company"), has acquired or will acquire from the City afour and nine-tenths (4.9) acre site (the "Property") located within the Area and shallcommence and complete construction of and then operate an approximately sixty-two thousand (62,000) square foot grocery store, an adjacent parking lot withapproximately two hundred twenty-six (226) parking spots and possibly a gasstation on the Property (the "Project"); andWHEREAS, The Company has proposed to undertake the redevelopment of theProperty in accordance with the Plan and pursuant to the terms and conditions ofa proposed redevelopment agreement to be executed by the Company and the City,including but not limited to construction ofthe facilities, to be financed in part byincremental taxes, ifany, deposited in the 69*/Ashland Redevelopment Project AreaSpecial Tax Allocation Fund (as defined in the Adoption Ordinance) (the "Fund")pursuant to Section 5/11-74.4-8(5) of the Act ("Incremental Taxes"); andWHEREAS, Pursuant to Resolution 04-CDC-74 (the "Resolution") adoptedby theCommunity Development Commission of the City (the "Commission") onSeptember 14, 2004, the Commission authorized the City's Department ofPIanningand Development ("D.P.D.") to publish notice pursuant to Section 5/1 l-74.4-4(c) ofthe Act ofits intention to negotiate a redevelopment agreement with the Companyfor the Project and to request altemative proposals for redevelopment ofthe Propertyor a portion thereof (the "Notice"); andWHEREAS, Pursuant to the Resolution, the Commission also recommended that,so long as no responsive alternative proposals were received by D.P.D. within thirty(30) days after publication ofthe Notice, or if altemative proposals were received andD.P.D., in its sole discretion, determined that the Company's Project was the bestproposal, (i) the Company be designated as the developer (the "Developer") for theProject, and (ii) D.P.D. be authorized to negotiate, execute and deliver on behalf ofthe City a redevelopment agreement with the Company for the Project; and

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