Office of the City Clerk - Record #: O2014-6635

• Record #: O2014-6635
• Type: Ordinance
• Status: Passed
• Intro date: 7/30/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 9/10/2014
• Title: Redevelopment agreement and associated tax credit for Historic Strand, LP
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
9/19/2014		City Council	Signed by Mayor
9/10/2014	87067	City Council	Passed	Pass
9/9/2014		Committee on Finance	Recommended to Pass
7/30/2014	84526	City Council	Referred

CHICAGO September 10, 2014
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
A communication recommending a proposed ordinance concerning the authority
to enter into and execute a Redevelopment Agreement and to approve an associated Loan
Agreement with Historic Strand, LP.

02014-6635

Amount of Loan not to exceed:














Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith

dissenting vote(s)7

This recommendation was concurred in by
of members of the committee with
Alderman Cochran abstains under provisions of Rule 14.


Respectfully submitted
Chairman

Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR . , .
July 30, 2014









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 the execution of a redevelopment agreement and associated tax credit for Historic Strand.

Your favorable consideration of this ordinance will be appreciated.

Mayor



Very truly yours,
|10
10|ORDINANCE
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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 to 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, the City has certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans and grants for the development of...