OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
July 20, 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 an issuance of Housing Revenue Bonds and associated loan modification with Lawn Terrace Preservation, 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 ofthe 1970 Constitution ofthe 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, 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 an affordable multi-family housing facility for low-and moderate-income families located in the City; and
WHEREAS, pursuant to an ordinance enacted by the City Council of the City on March 9, 1995 and published in the Journal of Proceedings of the City Council for such dates at pages 65930 through 65935, on July 1, 1996 (the "1996 Closing Date"), the City, acting by and through its Department of Housing, made a loan in the principal amount of $6,401,507.50 (the "City Loan") to Kedzie Limited Partnership, an Illinois limited partnership (the "Original Borrower") for the acquisition and construction of the residential portion of a building to be located at 3214 West 63rd Place, Chicago, Illinois 60629 (the "Property") and of approximately 102 dwelling units to be contained therein as studio, one- and two-bedroom units for low- and moderate-income senior citizens (the "Project"); and
WHEREAS, the City Loan was secured by, among other things, that certain Junior Mortgage and Security Agreement (the "C...
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