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 Mercy Housing
herewith an ordinance authorizing an issuance of Lakefront.
Your favorable consideration of this ordinance will be appreciated.
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
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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 Keating Building Little Village, LLC, an Illinois limited liability company (the "Borrower") the managing member of which is MHL Keating MM, LLC, an Illinois limited liability company, the managing member of which is Mercy Housing Lakefront, an Illinois not-for-profit corporation, has proposed a certain low-income housing development project consisting of the acquisition, rehabilitation and construction|of approximately 148 residential dwelling units and certain associated common areas and parking spaces in connection therewith located at 4400-4440 West 26th Street in the City and currently expected to be known as The Storkline (also known as the Keating Building) (the "Project"); and
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WHEREAS, the Borrower has requested that the City, issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed Thirty-Three Million Dollars
financing all or a portion of the costs of the
($33,000,000) (the "Bonds") for the purpose of Project; and
WHEREAS, it is intended th...
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