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CHICAGO January 15. 2014
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
An ordinance which would evidence the City's intent to issue City of Chicago Multi-Family Housing Revenue Bonds (Parkside Phase I IB Project).
02013-9443
Amount of Bonds
not to exceed: $27,000,000
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 vote(s):
(signed'
Respectfully submitted
Chairman
Document No.
THE COMMITTEE ON FINANCE
REPORT OF
TO THE CITY COUNCIL
CITY OF CHICAGO
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OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
December 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 an issuance of Housing Revenue Bonds for Parkside Entities.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
ORDINANCE
WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe 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
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, Parkside Phase MB, LP, an Illinois limited partnership (the "Borrower"), the sole general partner of which is Parkside IIB, LLC, an Illinois limited liability company, has proposed a certain low-income housing development project consisti...
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