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This record contains private information, which has been redacted from public viewing.
Record #: O2017-1456   
Type: Ordinance Status: Passed
Intro date: 2/22/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 3/29/2017
Title: Bond inducement language regarding housing revenue bonds for Mark Twain 111 West Division
Sponsors: Emanuel, Rahm
Attachments: 1. O2017-1456.pdf, 2. O2017-1456 (V1).pdf
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, New Mark Twain, LLC, an Illinois limited liability company whose sole member is The NHP Foundation, a District of Columbia not-for-profit corporation (the "Developer"), is the owner of certain property located generally at 111 West Division Street in Chicago and currently known as the Mark Twain Hotel (the "Project Site"); and

WHEREAS, the Developer has proposed a certain low-income housing development project on the Project Site consisting of the rehabilitation of one residential building and of approximately 148 residential dwelling units therein (the rehabilitation and equipping of the real estate and the building and other improvements thereon, including the residential dwelling units and associated areas in the building shall be known as the "Project"); and

WHEREAS, the Developer has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed $40,000,000 (the "Bonds") for the purpose of financing all or a portion of the Project costs; 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 intent to reimburse certain eligible expenditures for the Project made prior to the issuance of the Bonds ("Eligible Project Costs") from the proceeds of the Bonds (if and when issued) within the meaning of Secti...

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