Office of the City Clerk - Record #: O2014-3169

• Record #: O2014-3169
• Type: Ordinance
• Status: Passed
• Intro date: 4/2/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/30/2014
• Title: Loan restructuring for Goldblatts of Chicago Limited Partnership related to rehabilitation of building at 4707 S Marshfield Ave into supportive living residential housing facility
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
5/19/2014		City Council	Signed by Mayor
4/30/2014	78908	City Council	Passed	Pass
4/28/2014		Committee on Finance	Recommended to Pass	Pass
4/2/2014	76565	City Council	Referred

CHICAGO April 30, 2014

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 Planning and Development to enter into and execute a Loan Restructuring and Subordination Agreement with Goldblatt's of Chicago Limited Partnership.

02014-3169














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 (afviva voce votej)
of members of the committee with dissenting vote(s):



Respectfully submitted

Chairman

Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
April 2,2014









TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith an ordinance authorizing a loan restructuring for the Goldblatt's Building.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois and as such may legislate as to matters which pertain to its local government and affairs; and
WHEREAS, the City has determined that the continuance of a shortage of affordable housing to persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, the City received certain funds from the United States Department of Housing and Urban Development to make loans and grants to expand the long-term supply of affordable housing through, among other things, acquisition, new construction, reconstruction and moderate and substantial rehabilitation in low- and moderate-income areas; and...