Office of the City Clerk - Record #: O2016-6078

• Record #: O2016-6078
• Type: Ordinance
• Status: Passed
• Intro date: 7/20/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 9/14/2016
• Title: Loan and redevelopment agreement with and issuance of tax-exempt multi-family housing revenue bonds for PGS Bronzeville III Limited Partnership for acquisition and renovation of residential apartment building at 401 E Bowen Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
9/22/2016		City Council	Signed by Mayor
9/14/2016	29819	City Council	Passed	Pass
9/9/2016		Committee on Finance	Recommended to Pass	Pass
7/20/2016	28031	City Council	Referred

ORDINANCE


WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, 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, Peoples Co-Op for Affordable Elderly Housing ("PCAEH") is an Illinois not-for-profit corporation whose mission is to develop, own and manage affordable rental housing for low and moderate income individuals (especially senior citizens) and families; and
WHEREAS, PCAEH is the manager and one of the two members of Grand Boulevard Housing IV, LLC, an Illinois limited liability company ("General Partner"), which is the general partner of PGS Bronzeville III Limited Partnership, an Illinois limited partnership ("New Owner"); and

WHEREAS, Paul G. Stewart Apartments Associates, Phase III, an Illinois limited partnership (the "Existing Owner") owns that certain 20-story, residential apartment building containing approximately one hundred and eighty (180) residential dwelling units, along with (1) common area, (2) service and management offices on the 1st and 2nd floors and (3) approximately 70 surface parking spaces (9 of which are handicapped accessible) located at 401 East Bowen Avenue, Chicago, Illinois, which is commonly known as Paul G. Stewart Apartments Phase III Tower, as further described on Exhibit A hereto (the "Project"), located at the property (legally described in Exhibit H attached hereto and subject to final title commitment and survey, the "Property"), and to pay...