OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
January 17, 2013
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 ordinances amending the terms of previously executed loan agreements with the Kruel family.
Your favorable consideration of these ordinances will be appreciated.
Very truly yours,
Mayor
ORDINANCE
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WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the 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
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WHEREAS, the City, pursuant to the Multi-Family Loan Program under the Community Development Block Grant Program, received from the United States Department of Housing and Urban Development ("HUD") an allocatiorji of funds ("Multi-Program") to make loans and grants to expand the long-term supply of affordable housing through, among other things, acquisition and moderate and substantial rehabilitation in low- and moderate-income areas to be administered by the City's Department of Housing and Economic Development ("HED"); and
WHEREAS, pursuant to an Ordinance approved by the City Council of the City (the "City Council") on August 2, 1995 and published in the Journal of Proceedings of the City Council for such dates at pages 5261-5266, on or about January 8, 1996, the City made a loan of Multi-Program funds in the principal amount of $205',437, with an interest rate of zero (0%) percent per annum and a term not to exceed 22 yearsj (the "Loan"), to three (3) individuals known as Donna A. Kruel, Irene Kruel and Roger L. Kruel, jointly and severally (...
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