OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
July 20. 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 of tax-exempt revenue bonds for the Teacher's Village Chicago 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 ofthe City; and
WHEREAS, RBH Chicago Project, LLC, an Illinois limited liability company (the "Borrower"), of which a to-be-formed limited liability company owned by Ron Beit or an affiliate is anticipated to be the managing member, intends to acquire certain property located generally at 2620 West Hirsch Street in the City (the "Property"); and
WHEREAS, the Borrower has proposed the construction of 5 townhouses and rehabilitation of an existing elementary school building into low-income housing development project for teachers with certain common areas, associated parking spaces, other building amenities and commercial and retail spaces on the Property (the "Project"); and
WHEREAS, the Project is expected to be financed in whole or in part with the proceeds of the hereinafter defined Bonds; 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 Eighteen Million Dollars ($18,000,000) (the "Bonds") for the purpose of f...
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