OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
January 17, 2013
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 ordinances amending the terms of previously executed loan agreements with the Kruel family.
Your favorable consideration of these ordinances will be appreciated.
Very truly yours,
ORDINANCE
i
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois and as such may legislate as to matters which pertain to its local government and affairs; and
WHEREAS, the City has determined that the continuance of a shortage of affordable housing to persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, the City, pursuant to the Multi-Family Loan Program under the Community Development Block Grant Program, received from the United States Department of Housing and Urban Development ("HUD") an allocation of funds ("Multi-Program") to make loans and grants to expand the long-term supply of affordable housing through, among other things, acquisition and moderate and substantial rehabilitation in low- and moderate-income areas to be administered by the City's Department of Housing and Economic Development ("HED"); and
i
WHEREAS, pursuant to Ordinances approved by the City Council of the City (the "City Council") on December 13, 1995 and November 10, 1999 and published in the Journal of Proceedings of the City Council for such dates at pages 13708-13710 and 14785-14791 respectively, on or about April 12, 2004, the City made a loan of Multi-Program funds in the principal amount of $1,014,528, with an interestirate of zero (0%) percent per annum and a term not to exceed 22 years (the "Loan"), to three (3) individuals known as Donna A. Kruel, Irene Krue...
Click here for full text