OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 31, 2012
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 amending a previously passed ordinance authorizing the execution of a loan agreement with GX Chicago, LLC.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
V.
AMENDATORY 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 local government and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, under Section 108 ("Section 108") of the Housing and Community Development Act of 1974, as amended, 42 U.S.C. section 5308 (the "Act"), and the regulations promulgated under the Act and published at 24 C.F.R. 570.700, the United States Department of Housing and Urban Development ("HUD"), is authorized to provide loan guarantee assistance to public entities to fund projects which are eligible under the Act; and
WHEREAS, the City's Department of Housing and Economic Development ("HED") and the City's Office of Budget and Management ("OBM") agreed to a request by GX Chicago, LLC, an Illinois limited liability company (the "Borrower"), for the City to apply to HUD for Section 108 loan guarantee assistance in an amount not to exceed $15,000,000 to help the Borrower finance, in part, the rehabilitation of an approximately 275,000 square-foot historic building owned by the Borrower located at 2543 - 2545 West Diversey Avenue in Chicago, Illinois (the "Project"); and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City (the "City Council") on April 14, 2010 and published in the Journal of Proceedings of the City Council (the "Journal") for said date at pages 87499 to 87502, the City...
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