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Record #: O2014-6703   
Type: Ordinance Status: Passed
Intro date: 7/30/2014 Current Controlling Legislative Body: Committee on Finance
Final action: 7/30/2014
Title: Redevelopment agreement with St. Edmund's Redevelopment Corp. regarding conveyance of property at 6151 S Michigan Ave, and associated tax credits
Sponsors: Dept./Agency
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2014-6703.pdf
CHICAGO July 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 Redevelopment Agreement and approve the donation of tax credits for St. Edmund's Redevelopment Corporation.














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 of members of the committee with



Respectfully submitted


Chairman
Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
Department of Planning and Development
CITY OF CHICAGO






July 25, 2014

TO THE HONORABLE CHAIRMAN, EDWARD M. BURKE AND MEMBERS OF THE COMMITTEE ON FINANCE OF THE CITY COUNCIL

Ladies and Gentlemen:

I transmit herewith an ordinance requesting the conveyance of one City-owned parcel located at 6151 South Michigan Avenue to St. Edmund's Redevelopment Corporation (SERC). The land is valued at $180,000. The City will write down the value of the land by $179,999 and sell the parcel to the developer, SERC, for $1.00. SERC has received an award of Illinois Housing Development Authority (IHDA) Donation Tax Credits. SERC will deed the land to St. Edmund's Tower Annex, Inc. and give them the donation tax credit equity as a grant.

Your favorable consideration of the ordinance will be appreaciated.

Andrew J. Mooney Commissioner

Very truly yours,
















121 NORTH LASALLE STREET, ROOM 1000, CHICAGO, ILLINOIS 60602
ORDINANCE

WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the 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 to persons of low and moderate income...

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