®
CHICAGO April 13.2011 To the President and Members of the City Council: Your Committee on Finance having had under consideration
An ordinance authorizing the approval to evidence the City's intent to issue City of Chicago Multi-Family Housing Revenue Bonds (Goldblatt's Senior Living Project).
Amount of Bonds not to exceed: $18,000,000
Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed
Ordinance Transmitted Herewith
This recommendation was concurred in by_(amva voce vote
of members of the committee with_dissenting \ote(
Respectfully submitted
(sign
Chairman
FlAf.
EICHAHD M. DALEY
MAYOR
OFFICE OF THE MAYOR
CITY OF CHICAGO
March 9, 2011
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 a bond inducement ordinance and associated fee waiver for Goldblatt's Senior Living.
Your favorable consideration of this ordinance will be appreciated.
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, Goldblatt's Senior Living, LLC, an Illinois limited liability company (the "Managing Member"), intends to form (i) an Illinois limited partnership (the "Borrower") and (ii) an Illinois limited liability company (the "General Partner") which will be the general partner of the Borrower and which will have the Managing Member as its managing member; and
WHEREAS, the Managing Member intends for th...
Click here for full text