OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 20, 2018
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 bond inducement language for redevelopment of property located at 2709-15 West Division.
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, Paseo Boricua Arts, LLC, an Illinois limited liability company ("Paseo Boricua") and The Puerto Rican Cultural Center, an Illinois not for profit corporation ("Cultural Center" and together with Paseo Boricua, the "Borrower"), have proposed a certain low-income housing development project consisting of the acquisition of real property located at 2709-15 West Division Street in the City, and construction thereon of a five-story mixed use building targeting artists and their families and containing office, commercial and retail spaces including a black box performance theater and a total of approximately 24 residential dwelling units (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 Twelve Million Dollars ($12,000,000) (the "Bonds") for the purpose of financing all or a portion of the Project costs, including but not limited to the costs incurred ...
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