OFFICE OF
THE MAYOR
CHICAGO
CITY OF
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
housing revenue bonds for Sterling Park
herewith an ordinance authorizing an issuance of Development, LLC.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
ORDINANCE
of the State of Illinois, has heretofore found City a serious shortage of decent, safe and
WHEREAS, the City of Chicago (the "City"), a home rule unit of government under
Section 6(a), Article VII of the 1970 Constitution and does hereby find that there exists within the
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, New Sterling Park LLC, an Illinois limited liability company (the "Borrower") the managing member of which is New Sterling Park MM LLC, an Illinois limited liability company, has proposed a certain low-income housing development project consisting of the acquisition, rehabilitation and construction of approximately one hundred and eighty-one (181) residential dwelling units and certain common arjeas and parking spaces in connection therewith located at 3301 West Arthington Street in the City and currently expected to be known as the Sterling Park Apartments Project (the "Project"); |and
WHEREAS, the Borrower has requestedjthat the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed Thirty Million Dollars ($30,000,000) (the "Bonds") for the purpose of financing all or a portion of the Project costs, including but not limited to the costs incurred in connection with the issuance of the Bonds; and
WHEREAS, it is intended th...
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