Office of the City Clerk - Record #: SO2014-6678

• Record #: SO2014-6678
• Type: Ordinance
• Status: Passed
• Intro date: 7/30/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 9/10/2014
• Title: Third loan restructuring for TWG Kedzie LLC related to rehabilitation of building at 4631-4637 S Lake Park Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
9/22/2014		City Council	Signed by Mayor
9/10/2014	87191	City Council	Passed	Pass
9/9/2014		Committee on Finance	Recommended to Pass
7/30/2014	84529	City Council	Referred

i CHICAGO September 10. 2014
To the President and Members of the City Council: Your Committee on Finance having had under consideration
A communication recommending a proposed substitute ordinance concerning the authority to enter into and execute a Loan Modification Agreement with TWG Kedzie LLC.

02014-6678














Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith
of members of the committee with dissenting vote(s

This recommendation was concurred in by



Respectfully submitted

(signedJ^Q^ ^>

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
July 30, 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 the execution of a loan subordination and modification for TWG Kedzie.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,

SUBSTITUTE 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

WHEREAS, p...