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OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
October 8,2014
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 bond inducement language for an issuance of multi-family revenue bonds and associated tax credits for WHP Village, LLC.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
ORDINANCE
WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe 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 for 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, WHP Village, LLC, an Illinois limited liability company (the "Borrower"), the managing member of which is WHP Village Manager, LLC, an Illinois limited liability company, the sole members of which are Brinshore PL, LLC, and Michaels Chicago Holding Company, LLC, each an Illinois limited liability company, has proposed a certain low-income housing development project consisting of the acquisition of a leasehold interest in real property, rehabilitation, and equipping thereon of a total of approximately 199 residential dwelling units in twenty buildings located generally between West Lake Street, North Damen Avenue, West Maypole Avenue and North Leavitt Street, in the City and known as The Villages of Westhaven (the "Project"); and
WHEREAS, the Borrower has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed $45,000,000 (the "Bonds") for the purpose of financing all or a ...
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