OFFICE OF THE MAYOR
CITY OF CHICAGO
February 5, 2014
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 an issuance of Housing Revenue Bonds for St. Edmunds Oasis, LLC.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
ORDINANCE
WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII, of the 1970 Constitution of the 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 for 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, St. Edmund's Oasis, LLC, an Illinois limited liability company (the "Borrower") the managing member of which is St. Edmund's Oasis MM, LLC, an Illinois limited liability company, has proposed a certain low-income housing development project consisting of the acquisition of scattered sites generally located at 6100-24 S. Prairie Avenue/227-233 E. 61st Street, 219-221 E. 61st Street, 310-312 E. 61st Street/6053-59 S. Prairie Avenue, and 6145-55 S. Indiana Avenue in the City and the construction of approximately fifty-eight (58) residential dwelling units and certain common areas and parking spaces thereon and currently expected to be known as the St. Edmund's Oasis Apartments Project (the "Project"); and"
WHEREAS, the Borrower has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed Twelve Million Dollars ($12,000,000) (the "Bonds") for the purpose of financing all or a portion of the Project costs, including but not limited to the costs in...
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