Office of the City Clerk - Record #: O2017-5905

• Record #: O2017-5905
• Type: Ordinance
• Status: Passed
• Intro date: 7/26/2017
• Current Controlling Legislative Body: Committee on Finance
• Final action: 9/6/2017
• Title: Intent for issuance of tax exempt housing revenue bonds for Taylor Street Library and Apartments to finance construction of mixed-income housing at 1328-1350 W Taylor St
• Sponsors: Emanuel, Rahm

Date	Journal Page Number	Action By	Action	Result
9/22/2017		City Council	Signed by Mayor
9/6/2017	54357	City Council	Passed	Pass
9/5/2017		Committee on Finance	Recommended to Pass	Pass
7/26/2017	52575	City Council	Referred

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, Roosevelt Square Library LLC, an Illinois limited liability company (the "General Partner"), has proposed a certain mixed-income housing development project consisting of the acquisition of a leasehold interest in real property located at approximately 1328-50 West Taylor Street in the City by a to-be-formed limited partnership ("Borrower") of which General Partner shall be the general partner, and construction thereon of a mid-rise, mixed-use building to be comprised of approximately seventy-three residential dwelling units, community green space and a library (the "Project"); and

WHEREAS, the General Partner has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed Twenty Six Million Dollars ($26,000,000) (the "Bonds") for the purpose of financing all or a portion of the Project costs, including but not limited to the costs incurred in connection with the issuance of the Bonds and funding certain reserves, if required; and
WHEREAS, it is intended that the interest on the Bonds will be excluded from gross income for federal income tax purposes; and

WHEREAS, it is intended that this ordinance shall constitute a declaration of official intent to reimburse certain eligible expenditures for the Project made prior to the issuance of the Bonds from the proceeds of the Bonds (if and when issued) within the meaning of Section 1.150-2 of the Treasury Re...