OFFICE OF THE MAYOR
i
CITY OF CHICAGO
RAHM EMANUEL MAYOR
July 6, 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 an ordinance authorizing the execution of a redevelopment agreement with Zapata Apartments LP.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours,
Mayor
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; 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, the Department of Housing and Economic Development ("DHED") has preliminarily reviewed and approved the allocation of certain low income housing tax credits pursuant to Section 42 of the Internal Revenue Code with respect to the construction of a 61-unit development to be known as "Zapata Apartments" that will consist of four 3- to 4-story buildings (the "Project") to be undertaken by Zapata Apartments Limited Partnership, an Illinois limited partnership (the "Partnership") and Bickerdike Redevelopment Corporation, an Illinois not-for-profit corporation ("Bickerdike"), on certain real property located at 3230 West Armitage Avenue, 1955 North St. Louis Avenue, 3503 West Armitage Avenue, and 3734 West Cortland Street, in Chicago, Illinois; and '
WHEREAS, all of the units shall be rent-restricted and occupied by individuals having incomes not in excess of 60% of area median income, as determined by the United States Department of Housing and Urban Development; and
WHEREAS, the City desires to waive...
Click here for full text