OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
September 21, 2022
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe Commissioner-of Housing. 1 transmit herewith an ordinance authorizing the issuance ol'tax-exempt housing revenue bonds for the SACRED apartments development project.
Your favorable consideration of this ordinance will be appreciated.
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, SACRED Apartments Developer LLC, an Illinois limited liability company (the "Developer"), through a to-be-formed limited liability company of which the Developer is anticipated to be a member (the "Borrower"), intends to acquire certain property located at 9230 South Burley Avenue, Chicago, Illinois 60617 in the City (the "Property"); and
WHEREAS, the Developer has proposed a certain low-income housing development project on the Property consisting of 81 units with 20% ofthe units targeted to households at or below 60% area median income ("AMI"); 60% ofthe units targeted to households at or below 50% AMI; and 20% ofthe units will be set aside for households at or below 30% AMI (hereinafter referred to as the "Project"); and
WHEREAS, the Developer has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed $23,000,000 (the "Bonds") for the purpose of financing a portion of the costs of the Project, including the...
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