Office of the City Clerk - Record #: O2020-5748

• Record #: O2020-5748
• Type: Ordinance
• Status: Passed
• Intro date: 11/16/2020
• Current Controlling Legislative Body: Committee on Finance
• Final action: 12/16/2020
• Title: Amendment to ordinance regarding redevelopment and loan agreements, to reflect increased loan amounts and issuance of multi-family housing revenue bonds for Paseo Boricua Arts LLC construction of affordable apartment units at 2709-2715 W Division St
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
12/16/2020	24871	City Council	Passed	Pass
12/14/2020		Committee on Finance	Recommended to Pass
11/16/2020	22370	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

November 16, 2020










TO THE HONORABLE, THE CITY COUNCIL OF 'IT-IE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing a tax-exempt housing revenue bond tor the redevelopment of Pasco Boricua Arts building.

Your favorable consideration of this ordinance will be appreciated.

ORDINANCE


WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution ofthe State of Illinois (the "Constitution"), the City of Chicago (the "City") is a home rule unit of government and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, as a home rule unit and pursuant to the Constitution, the City is authorized and empowered to issue multi-family housing revenue obligations for the purpose of financing the cost of the acquisition, construction, rehabilitation, development, and equipping of an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and

WHEREAS, Paseo Boricua Arts, LLC, an Illinois limited liability company (the "Borrower"), The Puerto Rican Cultural Center, an Illinois not-for-profit corporation (the "Cultural Center"), and Brinshore Development, L.L.C., an Illinois limited liability corporation ("Brinshore"), have proposed a certain mixed use development project consisting ofthe acquisition of real property located at 2709-15 West Division Street in the City and the construction thereon and equipping of a five-story mixed use building that will include on floors two through five affordable housing consisting of 24 apartments comprised of eight studio apartments, eight one bedroom apartments and eight two bedroom apartments, together with appurtenant facilities located on the first floor (the "Project"), and with a first floor comprised of community spaces, commercial/retail...