Office of the City Clerk - Record #: O2014-6604

• Record #: O2014-6604
• Type: Ordinance
• Status: Passed
• Intro date: 7/30/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 9/10/2014
• Title: Redevelopment agreement with and associated loan restructuring for TCB Evans Langley related to construction and rehabilitation of residential apartments at 613 ad 637 E. 50th St, 731 E 50th Pl and 4950 S Langley Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
9/23/2014		City Council	Signed by Mayor
9/10/2014	87194	City Council	Passed	Pass
9/9/2014		Committee on Finance	Recommended to Pass
7/30/2014	84525	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 Modification Agreement for TCB Evans Langley, LLC.

02014-6604













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)T

This recommendation was concurred in by
of members of the committee with
Aldermen Moreno abstains pursuant to 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









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 for TCB Evans Langley and associated loan modification.

Your favorable consideration of this ordinance will be appreciated.

Mayor



Very truly yours,

ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois and as such may legislate as to matters which pertain to its local government and affairs; and

WHEREAS, the City has determined that the continuance of a shortage of affordable housing to persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, the City received certain funds from the United States Department of Housing and Urban Development under its Housing Rehabilitation and New Construction Program (the "MULTI-Program") to make loans and grants to expand the long-term supply of afforda...