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This record contains private information, which has been redacted from public viewing.
Record #: O2016-8632   
Type: Ordinance Status: Passed
Intro date: 12/14/2016 Current Controlling Legislative Body: Committee on Finance
Final action: 1/25/2017
Title: Reallocation of 2016 or 2017 City bond volume cap for Chicago Housing Authority to finance New Sterling Park LLC affordable housing development at 3301 W Arthington St
Sponsors: Emanuel, Rahm
Attachments: 1. O2016-8632.pdf, 2. O2016-8632 (V1).pdf
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 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, pursuant to Section 146 of the Internal Revenue Code of 1986, as amended, the City, as a constitutional home rule city, is allocated a certain amount of volume cap per calendar year in connection with the issuance of tax-exempt bonds by the City; and
WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 ILCS 345/1 et seg., as amended, provides, among other things, that the corporate authorities of any home rule unit may reallocate all or any portion of its unused allocation of volume cap; and
WHEREAS, the City may have available certain unused tax-exempt bond volume cap from calendar year 2016, 2017, or from such other calendar year as may be legally available at the time of the Reallocation (as hereinafter defined) (the "Cap"); and
WHEREAS, on October 8, 2014, the City Council of the City ("City Council") passed an ordinance published in the Journal of Proceedings of the City Council (the "Journal") for such date at pages 91424 to 91426 authorizing the reallocation of up to $30,000,000 of the City's tax-exempt bond volume cap to the Chicago Housing Authority, and which such ordinance was amended on April 15, 2015 and published in the Journal for such date at pages 105792 to 105793 (collectively, the "Original Ordinance"); and

WHEREAS, pursuant to the Original Ordinance, the City reallocated certain tax-exempt bond volume cap to the Chicago Housing Authority, an Illinois municipal corporation (the "CHA"), and ...

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