Office of the City Clerk - Record #: O2013-6663

• Record #: O2013-6663
• Type: Ordinance
• Status: Passed
• Intro date: 9/11/2013
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/16/2013
• Title: Loan agreement and provision of Tax Increment Financing (TIF) assistance for Rosenwald Courts Apartments LP at 4600 S Michigan Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
10/24/2013		Office of the Mayor	Signed by Mayor
10/16/2013	60985	City Council	Passed	Pass
10/11/2013		Committee on Finance	Recommended to Pass	Pass
9/11/2013	58777	City Council	Referred

CHICAGO October 16, 2013

To the President and Members of the City Council:

Your Committee on Finance having had under consideration


An ordinance authorizing the Commissioner of the Department of Housing and Economic Development to enter into and execute a Loan Agreement with Rosenwald Courts Apartments, LP.

02013-6663

Amount of Funding
Loan not to exceed: $58,600,000

Amount of TIF Note
not to exceed: $25,000,000










Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith

This recommendation was concurred in by (a (viva voce vote^)
of members of the committee with dissenting voters):

(signed




Respectfully submitted
Chairman

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 11, 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 herewith an ordinance authorizing the execution of a loan agreement and the provision of TIF Funds for Rosenwald Courts.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,

S:\SHARED\Finance\Rosenwald Courts\Ordinance\CHICAGO-_183117-v10-City_of_Chicago_-_Rosenwald_2013_-_Ordinance-c.DOC
ORDINANCE
WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, the City of Chicago (the "City") is a home rule unit of local government and as such may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, as a home rule unit and pursuant to the Constitution, the City is authorized and empowered to issue multi-family housing revenue obligations for the purpose of financing the cost of the acquisition, construction, rehabilitation, development...