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 7612, 7619 and 7620 S Parnell Ave for rehabilitation of buildings as foster care facilities and construction of buildings at 7654, 7656 and 7655 S Parnell Ave for muti-unit foster care facilities
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Attachments:
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1. O2013-838.pdf
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S:\SHARED\Finance\Gaynor New\Housing & Econ Dev\SOS Children's Vllg Parnell PI\ordinance 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 (1) acquire some or all of the properties located at 7612, 7619 and 7620 South Parnell Avenue, Chicago, Illinois 60620, and/or other properties also located in Residential-Business Planned Development Number 849 (collectively or any subset thereof, the "Rehabilitation Property"), and rehabilitate the existing buildings thereon and operate the rehabilitated buildings as foster care facilities (collectively the "Rehabilitation Facility") thereon (the acquisition and rehabilitation of the Rehabilitation Facility on the Rehabilitation Property shall be known herein as the "Rehabilitation Project"), and/or (2) construct and operate multi-unit foster care facilities (collectively the "Construction Facility") on the properties located at 7654, 7656 and 7655 South Parnell Avenue, Chicago, Illinois 60620 (collectively or any subset thereof, the "Construction Property") (the construction of the Construction Facility on the Construction Property shall be known herein as the "Construction Project") (the Rehabilitation Project, the Construction Project or some combination thereof, as determined by the hereinafter defined Authorized Officer pursuant to Section 2 hereof, shall be known herein as the "Project"); and
WHEREAS, the City agrees to grant an amount not to exceed $800,000 (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 Obl...
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