Office of the City Clerk - Record #: O2020-2364

• Record #: O2020-2364
• Type: Ordinance
• Status: Passed
• Intro date: 4/22/2020
• Current Controlling Legislative Body: Committee on Finance
• Final action: 5/20/2020
• Title: Issuance of multi-family bonds, loan, Tax Increment Financing (TIF), tax credits and conveyance for Emmett Street Apartments at 2602-2638 N Emmett St
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
5/20/2020	16550	City Council	Passed	Pass
5/18/2020		Committee on Finance	Recommended to Pass
4/22/2020	14991	City Council	Referred

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

April 22, 2020










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing an issuance of multi-family bonds, a loan, TIF funding, tax credits and a conveyance for Emmett Apartments, LP.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours.



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

April 22; 2020










TO THE 1IONORABLE. THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Housing, I transmit herewith an ordinance authorizing an issuance of multi-family bonds, a loan, TIF funding, tax credits and a conveyance for Emmctt Apartments, LP.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours

ORDINANCE


WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois (the "Constitution"), the City of Chicago (the "City") is a home rule unit of local 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 of government 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 an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); 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, by this ordinance (this "Ordinance"), the City Council of the City (the "City Council") has determined that it is necessary and in ...