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This record contains private information, which has been redacted from public viewing.
Record #: O2016-8455   
Type: Ordinance Status: Passed
Intro date: 11/16/2016 Current Controlling Legislative Body: Committee on Finance
Final action: 12/14/2016
Title: Bond inducement language for John Pennycuff Apartments for low-income housing at 2031-2037 N Milwaukee Ave
Sponsors: Emanuel, Rahm
Attachments: 1. O2016-8455.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
November 16, 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 a bond inducement ordinance for John Pennycuff 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 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, Metropolitan Housing Development Corporation, an Illinois not for profit corporation (the "Borrower"), has proposed a certain low-income housing development project consisting of the acquisition of real property located at 2031-37 North Milwaukee Avenue in the City, and construction thereon of a total of approximately 88 residential dwelling units (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 Sixteen Million Dollars ($16,000,000) (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 funding certain reserves, if required; 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 official intent to reimburse certain eligible e...

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