ACTION REQUESTED:
Title
Communication from the City Manager with a Request to Adopt an ORDINANCE Removing 237 NE MONROE (Parcel 18-04-459-014) from the HOSPITALITY IMPROVEMENT ZONE Redevelopment Project Area and Plan. (Council District 1)
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BACKGROUND: The property at 237 NE Monroe is a three-story building and adjoining parking lot that is for sale. The current owner is Amvets Post 64. Councilman Sid Ruckriegel has expressed interest in purchasing the property with the plans to redevelop it into a mixed use residential building. However, the property is located within the City's Hospitality Improvement Zone Tax Increment Financing (TIF) District (see attached map). State statute [65 ILCS 5/11-74.4-4(n)] prevents members of a City Council from owning or having a financial interest in property within a TIF District. Removing the property from the TIF will allow Councilman Ruckriegel to acquire and develop the building.
Section 11-74.4-5(c) of the TIF Act outlines that the boundaries of a TIF may be amended by simple adoption of an ordinance so long as none of the following criteria are met:
1. add additional parcels of property to the proposed redevelopment project area;
2. substantially affect the general land uses proposed in the redevelopment plan;
3. substantially change the nature of the redevelopment project;
4. increase the total estimated redevelopment project cost set out in the redevelopment plan by more than 5% after adjustment for inflation from the date the plan was adopted;
5. add additional redevelopment project costs to the itemized list of redevelopment project costs set out in the redevelopment plan; or
6. increase the number of inhabited residential units to be displaced from the redevelopment project area, as measured from the time of creation of the redevelopment project area, to a total of more than 10.
None of these criteria are met. In addition to the adoption of this ordinance, the City must notify each of ...
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