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This record contains private information, which has been redacted from public viewing.
Record #: O2014-6706   
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 and multi-family housing loan for KJ Manor Limited Partnership regarding affordable housing for senior citizens
Sponsors: Dept./Agency
Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Redevelopment
Attachments: 1. O2014-6706.pdf
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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 Loan Agreement and a Redevelopment Agreement with KJ Manor Limited Partnership.

Amount of Loan Not to exceed:



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
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; 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, the City has certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans for the development of multi-family residential housing to increase the number of families served with decent, safe, sanitary and affordable housing and to expand the long-term supply of affordable housing, and such Multi-Family Program Funds are administered by the City's Department of Planning and Development ("DPD"): and

WHEREAS, to induce certain redevelopment pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended (the "Act"), in accordance with the provisions of the Act, pursuant to ordinances adopted on February 6, 2002, and published in the...

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