Office of the City Clerk - Record #: SO2015-7311

• Record #: SO2015-7311
• Type: Ordinance
• Status: Passed
• Intro date: 9/24/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/14/2015
• Title: Redevelopment agreement and associated conveyance and tax credits for Clydiv LLC for development of affordable rental housing at 454-466 W Division St and 1200-1226 N Clybourn Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
10/14/2015	8362	City Council	Passed as Substitute	Pass
10/13/2015		Committee on Finance	Recommended to Pass	Pass
9/24/2015	4690	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 24, 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, I transmit herewith an ordinance authorizing the execution of a redevelopment agreement and associated conveyance and tax credits for Clydiv, LLC.

Your favorable consideration of this ordinance will be appreciated.

Mayor


Very truly yours,
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 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, the City is the owner of unimproved real property which is commonly known as 454-466 West Division Street and 1200-1226 North Clybourn Avenue, Chicago, Illinois, 60610 (the "Property"), and which is legally described on Exhibit A attached hereto; and

WHEREAS, on September 20, 2010, by Resolution No. 10-CDC-57, the Community Development Commission (the "CDC"), authorized the City's Department of Planning and Development ("DPD") to advertise and issue a Request for Proposals ("RFP") for the sale and redevelopment of the Property for an affordable rental housing development; and

WHEREAS, the advertisement appeared in the September 19, September 26 and October 3, 2010, issues of the Chicago Sun Times and the RFP documents were made available to the public beginning September, 2010; and

WHEREAS, DPD received two proposals by December 17, 2010, the deadline for submission of responses to the RFP; and

WHEREAS, Clydiv, LLC, is an Illinois limited liability company ("...