OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
November 26, 2013
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Housing and Economic Development, I transmit herewith an ordinance authorizing an issuance of Housing Revenue Bonds for Sangamon Terrace, LLC.
Your favorable consideration of this ordinance will be appreciated.
Mayor
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, Sangamon Terrace LP, an Illinois limited partnership (the "Borrower"), the sole general partner of which shall be Sangamon Terrace GP, LLC, an iiiinois limited liability company, has proposed a certain housing development project for very-low-income elderly persons consisting of the acquisition, construction and equipping of a four-story structure comprised of a total of approximately 24 residential dwelling units, located at 6145 South Sangamon Street, in the City and currently expected to be known as Sangamon Terrace (the "Project"); 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 $4,500,000 (the "Bonds") for the purpose of financing all or a portion of the Project costs, including but not iimiied to the costs incurred in connection with the issuance of the bonds; and
WHEREAS, it is intended that the interest on the Bonds will be excluded from gross income for federal inco...
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