Office of the City Clerk - Record #: O2018-9957

• Record #: O2018-9957
• Type: Ordinance
• Status: Passed
• Intro date: 12/12/2018
• Current Controlling Legislative Body: Committee on Finance
• Final action: 1/23/2019
• Title: Declaration of intent to issue multi-family housing revenue bonds, notes or indebtedness for benefit of Parkside Four II LP for acquisition, construction and equipping of low-income mixed type dwelling units within area of W Division St, N Cleveland Ave, W Oak St and N Larrabee St
• Sponsors: Emanuel, Rahm

Date	Journal Page Number	Action By	Action	Result
1/29/2019		Office of the Mayor	Signed by Mayor
1/23/2019	93879	City Council	Passed	Pass
1/22/2019		Committee on Finance	Recommended to Pass
12/12/2018	91498	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, Parkside Four II, LP, an Illinois limited partnership (the "Borrower"), the sole general partner of which is Parkside Four II, LLC, an Illinois limited liability company, has proposed a certain low-income housing development project consisting of the acquisition of real property, and the construction and equipping thereon of two- and three-story town homes, walk-ups and a seven-story mid-rise building, all of which shall comprise approximately 134 residential dwelling units, located in the City on various parcels between West Division Street on the north, North Cleveland Avenue on the east, West Oak Street on the south, and North Larrabee Street on the west, and currently expected to be known as Parkside Four Phase 2 (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 Forty-Five Million Dollars ($45,000,000) (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 Pro...