CHICAGO July 30. 2014
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
An ordinance authorizing the Commissioner of the Department of Planning and Development to enter into and execute a Redevelopment Agreement and approve the donation of tax credits for St. Edmund's Redevelopment Corporation.
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 of members of the committee with
Respectfully submitted
Chairman
Document No.
REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
Department of Planning and Development
CITY OF CHICAGO
July 25, 2014
TO THE HONORABLE CHAIRMAN, EDWARD M. BURKE AND MEMBERS OF THE COMMITTEE ON FINANCE OF THE CITY COUNCIL
Ladies and Gentlemen:
I transmit herewith an ordinance requesting the conveyance of one City-owned parcel located at 6151 South Michigan Avenue to St. Edmund's Redevelopment Corporation (SERC). The land is valued at $180,000. The City will write down the value of the land by $179,999 and sell the parcel to the developer, SERC, for $1.00. SERC has received an award of Illinois Housing Development Authority (IHDA) Donation Tax Credits. SERC will deed the land to St. Edmund's Tower Annex, Inc. and give them the donation tax credit equity as a grant.
Your favorable consideration of the ordinance will be appreaciated.
Andrew J. Mooney Commissioner
Very truly yours,
121 NORTH LASALLE STREET, ROOM 1000, CHICAGO, ILLINOIS 60602
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 to persons of low and moderate income...
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