Office of the City Clerk - Record #: O2017-5507

• Record #: O2017-5507
• Type: Ordinance
• Status: Passed
• Intro date: 7/26/2017
• Current Controlling Legislative Body: Joint Committee: Finance; Budget and Government Operations
• Final action: 9/6/2017
• Title: Amendment of Chicago Development Fund Articles of Incorporation and Bylaws regarding board membership and tax-exempt status of Community Development Entity
• Sponsors: Emanuel, Rahm
• Topic: CITY DEPARTMENTS/AGENCIES - Community Development Fund

Date	Journal Page Number	Action By	Action	Result
9/6/2017	55610	City Council	Passed	Pass
9/5/2017		Joint Committee: Finance; Budget and Government Operations	Recommended to Pass	Pass
7/26/2017	52584	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
July 26, 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 an ordinance amending the Chicago Development Fund By-laws and Directorship.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
ORDINANCE
WHEREAS, on July 27, 2005, the City Council of the City of Chicago enacted an ordinance (the "Authorizing Ordinance") which, among other matters: (i) provided for the establishment of the Chicago Development Fund (the "Corporation") as an Illinois not-for-profit corporation having as its primary mission providing investment capital for low-income communities and low income persons within the City; (ii) authorized the Corporation to qualify as a Community Development Entity ("CDE") under the New Markets Tax Credit ("NMTC") Program, including satisfying the requirement that the Corporation maintain accountability to residents of low income communities benefiting from the NMTC Program; and (iii) authorized the Corporation to apply for an allocation of New Markets Tax Credits under the NMTC Program; and
WHEREAS, the Authorizing Ordinance approved the Articles of Incorporation and the By-Laws of the Corporation, both of which were attached as Exhibits A and B, respectively, to the Authorizing Ordinance; and
WHEREAS, it is in the best interest of the City and the Corporation to amend those Articles of Incorporation and By-Laws, among other things, to increase the size of the Board of Directors, clarify certain matters with respect to the Board members serving in an Ex-Officio capacity and change the number of Board members required for a quorum; now, therefore,
Be It Ordained by the City Council of the City of Chicago:
SECTION 1. The above recitals are incorporated herein and made a part hereof.
SECTION 2. Articles of Incorporation. The amended form ...