Office of the City Clerk - Record #: O2015-6212

• Record #: O2015-6212
• Type: Ordinance
• Status: Passed
• Intro date: 7/29/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 9/24/2015
• Title: Issuance of Tax Exempt Housing Revenue Bonds for Paul G. Stewart Apartments Associates, Phase III for rehabilitation of residential apartment building at 401 E Bowen Ave
• Sponsors: Emanuel, Rahm

Date	Journal Page Number	Action By	Action	Result
9/24/2015	4996	City Council	Passed	Pass
9/21/2015		Committee on Finance	Recommended to Pass	Pass
7/29/2015	2181	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
July 29, 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 an issuance of Tax Exempt Housing Revenue Bonds for PGS Bronzeville
III, LP.

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 ofthe 1970 Constitution ofthe 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 ofthe City; and

WHEREAS, Peoples Co-Op for Affordable Elderly Housing (TCAEH") is an Illinois not-for-profit corporation whose mission is to develop, own and manage affordable rental housing for low and moderate income individuals (especially senior citizens) and families; and

WHEREAS, PCAEH is the manager of Grand Boulevard Housing IV, LLC an Illinois limited liability company ("General Partner"), which js the general partner of PGS Bronzeville III Limited Partnership, an Illinois limited partnership ("New Owner"); and

WHEREAS, Paul G. Stewart Apartments Associates, Phase III, an Illinois limited partnership ("Existing Owner"), owns that certain 20-story, residential apartment building containing approximately one. hundred and eighty (180) residential dwelling units, along, with (1) common area, (2) service and management offices on the 1st and 2nd floors and (3) approximately 70 surface parking spaces (9 of which are handicapped accessible), located at 401 East Bowen Avenue in the City pf Chicago that...