CHICAGO January 18. 2012
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
An ordinance which would evidence the City's intent to issue City of Chicago Multi-Family Housing Revenue Bonds (Bronzville Associates Senior Apartments Project).
02011-9767
Amount of Bonds
not to exceed $ 10,000,000
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 (a(ylva Voce vote")
of members of the committee with dissenting vote(s)T-
Alderman Burke abstains from voting pursuant to Rule 14.
Chairman
Respectfully submitted
Document No.
i
REPORT OF THE COMMITTEE ON FINANCE
i TO THE CITY COUNCIL
CITY OF CHICAGO
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
December 14,2011
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe Commissioner of Housing and Economic Development, I transmit herewith an ordinance authorizing an intent to issue housing revenue bonds for Bronzeville Associates Senior Apartments.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
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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, Bronzeville Associates Senior Apartments Limited Partnership, an Illinois limited partnership (the "Developer"), has proposed a certain low-income...
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