CHICAGO July 20, 2016
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
An ordinance concerning the authority to enter into and execute a Loan Agreement with Midwest Limited Partnership.
02016-5218 Amount of Loan
not to exceed: $2,100,000
Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the Ordinance Transmitted Herewith
This recommendation was concurred in by (^viya voce vote**^
of members of the committee with dissenting vote(s).
Aldermen Burke (14) abstained from voting under the provisions of Rule 14.
(signed)_
Chairman
OFFICE OF THE MAYOR
CITV OF CHICAGO
RAHM EMANUEL
MAYOR
June 22, 2016
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 multi-family loan agreement for Midwest Apartments.
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 residential housing to increase the number of families served with decent, safe, sanitary and affordable housing and to expand the long-term supply of affordable housing, and such Mu...
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