Office of the City Clerk - Record #: O2014-8943

• Record #: O2014-8943
• Type: Ordinance
• Status: Passed
• Intro date: 11/5/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/19/2014
• Title: Multi-Family Program Funds loan to Bronzeville Associates, LP for unanticipated environmental remediation costs incurred during construction of residential multi-family degelopment project
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security, - FINANCE FUNDS - Multi-Family Program Funds

Date	Journal Page Number	Action By	Action	Result
12/1/2014		City Council	Signed by Mayor
11/19/2014	98528	City Council	Passed	Pass
11/18/2014		Committee on Finance	Recommended to Pass	Pass
11/5/2014	93512	City Council	Referred

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CHICAGO November 19, 2014

To the President and Members of the City Council:

Your Committee on Finance having had under consideration



A communication recommending a proposed ordinance concerning the authority to enter into and execute a Loan Agreement with Bronzeville Associates Limited Partnership.
02014-8943

Amount of the Multi-Family Loans not to exceed: $771,742













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
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR

November 5, 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 agreement for Bronzeville Associates, LP.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
X
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 ofthe City; and

WHEREAS, the City has certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans and grants for the development of multi-family residential housing to increase the number of families served with decent, safe, sanitary and a...