OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 28, 2015
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Planning and Development, 1 transmit herewith ordinance authorizing the execution of a redevelopment agreement, and associated tax credits, loan and conveyance, for Nelson Mandela Apartments, LP.
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 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, pursuant to an ordinance adopted by the City Council on June 10, 1998, \ and published at pages 70367 through 70499 in the Journal of such date, a certain redevelopment plan and project (the "Original Kinzie Redevelopment Plan") for the Kinzie Industrial Conservation Area Tax Increment Redevelopment Project Area (the "Kinzie Redevelopment Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seg.) (the "Act"); and
WHEREAS, the Original Kinzie Redevelopment Plan was amended by an ordinance adopted on May 12, 2010 and published at pages 89656 through 89664 in the Journal of such date (the "First Amendment"), and
WHEREAS, the Original Kinzie Redevelopment Plan, as amended by the First Amendment, is referred to hereinafter as the "Kinzie Redevelopment Plan"; and
WHEREAS, pursuant to an ordinance adopted by the City Council on June 10, 1998, and published at pages 7049...
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