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Record #: O2015-6173   
Type: Ordinance Status: Passed
Intro date: 7/29/2015 Current Controlling Legislative Body: Committee on Finance
Final action: 9/24/2015
Title: Bond inducement language for Lawn Terrace Preservation LP for rehabilitation of low-income senior housing at 3214 W 63rd Pl
Sponsors: Emanuel, Rahm
Attachments: 1. O2015-6173 (V1).pdf, 2. O2015-6173.pdf
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 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, Lawn Terrace Preservation, L.P., an Illinois limited partnership (the "Borrower") the sole general partner of which is Lawn Terrace Preservation, NFP, an Illinois not-for-profit corporation (of which Greater Southwest Development Corporation, an Illinois not-for-profit corporation is the sole member), has proposed the rehabilitation of a certain low-income senior housing development project consisting of approximately one hundred and two (102) residential dwelling units and certain common areas located at 3214 West 63rd Place in the City (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 Eight Million Dollars ($8,000,000) (the "Bonds") for the purpose of financing all or a portion of the Project costs, including but not limited to the costs incurred in connection with the issuance of the Bonds; and
WHEREAS, it is intended that the interest on the Bonds will be excluded from gross income for federal income tax purposes; and
WHEREAS, it is intended that this ordinance shall constitute a declaration of intent to reimburse certain eligible expenditures for the Project made prior to the issuance of the Bonds from the proceeds of the Bonds (if and when issued) within the meaning of Section 1.150-2 of the Treasury Regulations promulgated under the Internal Revenue Code of 1986, as amended (the "Treasury Re...

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