OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
November 19, 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 ordinance authorizing bond inducement language for Jeffery Towers Apartments.
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 ofthe 1970 Constitution ofthe 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;
WHEREAS, The Interfaith Housing Development Corporation of Chicago is an Illinois not-for-profit corporation and tax-exempt public charity whose mission is to develop, own and manage affordable rental housing for low and moderate income individuals and families ("IHDC");
WHEREAS, IHDC is the sole member of Jeffery Towers Apartments LLC, an Illinois limited liability company ("Existing Owner");
WHEREAS, Existing Owner owns that certain 7-story, residential apartment building containing approximately one hundred and thirty-five (135) residential dwelling units, common ¦ area and surface and garage parking spaces, located at 7020-7028 South Jeffery Boulevard in the City of Chicago that is commonly known as Jeffery Towers Apartments (the "Property");
WHEREAS, IHDC and Existing Owner have proposed a project to examine and make extensive repairs to the Property's exterior masonry walls, install a new fire safety system, plumbing system, boiler and heating system, electrical service, exterior ramp, interior ramp, lau...
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