OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
May 6,2015
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 an issuance of tax exempt bonds for Goldblatts Chicago, LP.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
ORDINANCE
WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, 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 of the State of Illinois, the City is authorized and empowered to issue multi-family housing revenue bonds for the purpose of financing the cost of acquiring, rehabilitating and equipping a senior citizen residential facility located in the City; and
WHEREAS, by ordinance adopted on June 8, 2011 (the "Bond Ordinance"), the City Council of the City (the "City Council") determined that it was necessary and in the best interests of the City to issue multi-family housing revenue bonds (as defined below, the "2013 Bonds") on behalf of and to provide certain other funding, as provided herein, to Goldblatts of Chicago Limited Partnership, an Illinois limited partnership (the "Borrower"), the general partner of which was Goldblatts SLF of Chicago GP, Inc., an Illinois corporation (the "Initial General Partner") (a shareholder of which is AHC Ashland LLC, an Illinois limited liability company ("AHC Ashland") (AHC Ashland, together with Borrower, are sometimes collectively referred to herein as the "Developer")), including a loan of the proceeds received by the City from the sale of the 2013 Bonds, to finance or reimburse Borrower for (a) certain permitted costs in connection with the acquisition, rehabilitation and ...
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