OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
July 30, 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 a conveyance of property and associated tax credits for Access Housing.
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 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 Illinois General Assembly pursuant to 20 ILCS 3805/7.28 (as supplemented, amended and restated from time to time) has authorized a program allowing the allocation of certain tax credits for qualified donations made in connection with affordable housing projects (the "Donation Tax Credit Program"); and
WHEREAS, the City is the owner of vacant parcels of land located at 1746 North Francisco Avenue, 1917 North Keystone Avenue, 1941 North Karlov Avenue, and 2415 North Harding Avenue, Chicago, Illinois, which are legally described on Exhibit A attached hereto (the "Property"); and
WHEREAS, Access Housing I, LLC, an Illinois limited liability company (the "Developer"), desires to purchase the Property from the City to develop thereon eight (8) affordable rental housing units to serve households earning from 20% to 60% of the Area Median Income, four (4) of such units being fully accessible for people with disabilities (the "Project"); and
WHEREAS, the Property's appraised fair market v...
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