Type:
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Ordinance
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Status:
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Passed
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Title:
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General obligation bond proceeds grant for SOS Children's Villages for acquisition of properties at 1232, 1238, 1252, 1302, 1320, 1336 and 1348 W Washburne Ave to construct and operate foster care facilities
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Attachments:
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1. O2013-835.pdf
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S:\SHARED\Finance\Gaynor NewAHousing & Econ Dev\SOS Children's Vllg Roosevelt SqiAordinance 2.doc
ORDINANCE
WHEREAS, as a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, the City of Chicago (the "City") has the power to regulate for the protection of the public health, safety, morals and welfare of its inhabitants; and
WHEREAS, SOS Children's Villages, Illinois, an Illinois not-for-profit corporation (or an affiliate thereof) (the "Grantee") intends to acquire some or all of the properties located at 1232, 1238, 1252, 1302, 1320, 1336, and 1348 West Washburne Avenue, Chicago, Illinois 60608 (collectively or any subset thereof, the "Property"), and construct and operate up to two foster care facilities on each acquired property (collectively the "Facility") thereon (the construction of the Facility ,on the Property shall be known herein as the "Project"); and
WHEREAS, the City agrees to grant an amount not to exceed $1,900,000 (the "Grant") to the Grantee for the costs of the Project; and WHEREAS, the Grant shall be funded from a portion of the proceeds of its $547,590 General Obligation Bonds Project and Refunding Series 2007A (the "2007 Bonds") issued pursuant to an ordinance adopted by the City Council on April 11, 2007 and published at pages 101765 through 101804 in the Journal of the Proceedings of the City Council (the "Journal") of such date (the "2007 Bond Ordinance") and its $388,001,650 General Obligation Bonds Project and Refunding Series 2008C (together with the 2007 Bonds, the "Bonds") issued pursuant to an ordinance adopted by the City Council on May 5, 2008 and published at pages 42735 through 42769 in the Journal of such date (together with the 2007 Bond Ordinance, the "Bond Ordinance"); and
WHEREAS, pursuant to the Bond Ordinance, the proceeds of the Bonds may be used to finance, among other things, grants to not-for-profit or for-profit organizatio...
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