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 authorizing the issuance of an up to $6,500,000 tax-exempt private placement loan with Citibank, N.A and approval of a $1,350,000 Multi-Family Loan to Sangamon Terrace, LP. These loans will finance the development of affordable housing for senior citizens.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours.
Andrew J. Mooney Commissioner
121 NORTH LASALLE STREET, ROOM 1000, CHICAGO. ILLINOIS 60G02
ORDINANCE
WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois (the "Constitution"), 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, and equipping an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and
WHEREAS, by this Ordinance, the City Council of the City (the "City Council") has determined that it is necessary and in the best interests of the City to provide Multi-Family Housing Financing to Sangamon Terrace LP, an Illinois limited partnership (the "Borrower"), the general partner of which is Sangamon Terrace GP LLC, an Illinois limited liability company (the "General Partner"), the manager of which is Sangamon Terrace, NFP, an Illinois not-for-profit corporation (the "Manager"), to enable it to pay or reimburse a portion of the costs of the "residential project" (as describe...
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