Office of the City Clerk - Record #: O2015-4221

• Record #: O2015-4221
• Type: Ordinance
• Status: Passed
• Intro date: 5/20/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 6/17/2015
• Title: Loan agreement and associated Tax Increment Financing (TIF) assistance for development of Montclare Senior Residences Supportive Living of Lawndale LLC
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
6/24/2015		City Council	Signed by Mayor
6/17/2015	693	City Council	Passed	Pass
6/15/2015		Committee on Finance	Recommended to Pass	Pass
5/20/2015	70	City Council	Referred

CHICAGO June 17.2015

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 associated Redevelopment Agreement with Montclare Senior Residence SLF.

02015-4221

Amount of the 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

Alderman Burke abstains under provisions of Rule 14.

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
May 20, 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 an ordinance authorizing the execution of a loan agreement and associated TIF assistance for Montclare Senior Residence SLF.

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 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 and grants for the development of multi-family residen...