OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
April 15,2015
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 ordinance authorizing the execution of an Intergovernmental Agreement with the Chicago Housing Authority regarding property located at 3520 S. Cottage Grove.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
4)
AMENDMENT TO ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council (the "City Council") ofthe City of Chicago (the "City") on October 8, 2014, and published at pages 92274 through 92324 in the Journal ofthe Proceedings ofthe City Council of such date (the "Project Ordinance"), the City, as landlord, entered into a Ground Lease dated as of February 11, 2014, with Quad Communities Arts Recreation and Health Center LLC, an Illinois limited liability company, as tenant ("Tenant"); and
WHEREAS, pursuant to the Ground Lease, the City leased the real property legally described on Exhibit A attached hereto (the "Project Site") to Tenant for the construction and operation of a new multi-use community recreation center (the "Project"); and
WHEREAS, the Project will contain approximately 30,000 square feet, and will include a gymnasium with a basketball court, fitness center, indoor pool, lobby/gallery/meeting hall, locker rooms/restrooms, administrative space, and flexible multi-use art, educational and community spaces; and
WHEREAS, Tenant is an entity created by the Chicago Park District and The Community Builders, Inc., a Massachusetts non-profit corporation ("TCB") for the purpose of securing New Markets Tax Credit ("NMTC") financing for the Project; and
WHEREAS, the Park District and TCB hold 90% and 10% membership interests, respectively, in Tenant; and
WHEREAS, upon completion ofthe Project, Tenant will sublease the Project and the Project Site to the Pa...
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