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Record #: O2013-4967   
Type: Ordinance Status: Passed
Intro date: 6/26/2013 Current Controlling Legislative Body: Committee on Finance
Final action: 7/24/2013
Title: First amendment to Vacant Building Tax Increment Financing (TIF) Neighborhood Purchase and Rehabilitation Program Agreement with Neighborhood Housing Services of Chicago, Inc.
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Miscellaneous
Attachments: 1. O2013-4967.pdf

WHEREAS, pursuant to an ordinance adopted by the City Council of the City of Chicago, Illinois (the "City") on May 4, 2011, the City authorized the Commissioner of the Department of Housing and Economic Development ("HED") to establish a "Vacant Building TIF Purchase and Rehabilitation Program" to assist in the stabilization of neighborhoods and the City's housing market by providing assistance for the purchase and rehabilitation of vacant housing (the "Program"); and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City on March 14, 2012, the City entered into the Agreement on April 12, 2012 with Neighborhood Housing Services of Chicago, Inc., an Illinois not-for-profit corporation ("NHS"), under which NHS performs certain administrative services for the Program (the "Agreement"); and

WHEREAS, the City now desires to amend the Agreement with NHS to reflect that allowable closing costs under the Program relate to the overall project costs of each individual project in order to enhance the successful implementation of the Program (the "First Amendment"); now, therefore,

SECTION 1. The above recitals are incorporated herein and made a part hereof.
SECTION 2. The Commissioner of HED (the "Commissioner") or a designee of the Commissioner are each hereby authorized, with the approval of the City's Corporation Counsel as to form and legality, to negotiate, execute and deliver the First Amendment substantially in the form attached hereto as Exhibit A and made a part hereof, and such other supporting documents as may be necessary to carry out and comply with the provisions thereof, with such changes, deletions and insertions as shall be approved by the persons executing the amendment.
SECTION 3. NHS is hereby designated to continue to administer the Program, subject to the supervision of HED.
SECTION 4. If any provision of this ordinance shall be held tp be invalid or unenforceable ...

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