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This record contains private information, which has been redacted from public viewing.
Record #: O2017-5405   
Type: Ordinance Status: Passed
Intro date: 6/28/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 7/26/2017
Title: Issuance of housing revenue bonds for MC Blue LP
Sponsors: Emanuel, Rahm
Attachments: 1. O2017-5405 (V1).pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
June 28, 2017










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 ordinance authorizing an issuance of housing revenue bonds for MC Blue.

Your favorable consideration of this ordinance will be appreciated.

Mayor


Very truly yours,
J

ORDINANCE

WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois (the "Constitution"), the City of Chicago (the "City") is a home rule unit of 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 obligations for the purpose of financing the cost of the acquisition, construction, rehabilitation, development, and equipping of an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and

WHEREAS, MC Blue, L.P. (the "Borrower") is an Illinois limited partnership that has proposed the acquisition and rehabilitation of a low-income multi-family housing development project consisting of a six-story elevator building with 97 units of affordable studio, one-bedroom and two-bedroom apartments for very low, low and moderate income seniors located on real property (the "Property") described in the HOME Mortgage (as defined below) with a street address of 4444 West Lawrence in Chicago, Illinois, and commonly known as Mayfair Commons (the "Facility"); and
WHEREAS, the sole general partner of the Borrower is MC Green, LLC, an Illinois limited liability company, with a 0.01% interest (the "General Partner") and North River Commission ("North River") is the sole member of the General Partner; and
WHEREAS, the Facility consists of 11 studio, 64 one-b...

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