Office of the City Clerk - Record #: SO2014-6419

• Record #: SO2014-6419
• Type: Ordinance
• Status: Passed
• Intro date: 7/30/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 9/10/2014
• Title: Redevelopment agreement and associated loan and grant for Cicero and George elderly housing
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
9/23/2014		City Council	Signed by Mayor
9/10/2014	86999	City Council	Passed	Pass
9/9/2014		Committee on Finance	Recommended to Pass
7/30/2014	84524	City Council	Referred

CHICAGO September 10, 2014
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
A communication recommending a proposed ordinance concerning the authority
to enter into and execute a Redevelopment Agreement and to approve an associated Loan
Agreement with Cicero & George Limited Partnership.
02014-6419 Amount of Loan
not to exceed: $5,100,000














Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith

This recommendation was concurred in by (a(wva voce vote^)
of members of the committee with dissenting vote(s):
Aldermen Burke and Moreno abstain pursuant to provisions of Rule 14.



Respectfully submitted
(signed|1010|
Chairman


OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR









TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith an ordinance authorizing the execution of a redevelopment agreement and associated loan and grant for Cicero and George Elderly Housing.

Your favorable consideration of this ordinance will be appreciated.

Mayor



Very truly yours,

SUBSTITUTE ORDINANCE


WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois, has heretofore found and does hereby find that there exists within the City a serious shortage of decent, safe and sanitary rental housing available to persons of low and moderate income; and
WHEREAS, the City has determined that the continuance of a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, the City has certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans and grants for the development of multi-family resi...