Office of the City Clerk - Record #: O2017-6806

• Record #: O2017-6806
• Type: Ordinance
• Status: Passed
• Intro date: 9/6/2017
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/11/2017
• Title: Redevelopment agreement, associated tax credits and conveyance of property for Brin Life Center LLC and K.L.E.O. Community Family Life Center
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
10/17/2017		City Council	Signed by Mayor
10/11/2017	55916	City Council	Passed	Pass
10/6/2017		Committee on Finance	Recommended to Pass	Pass
9/6/2017	54135	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 6, 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 the execution of a redevelopment agreement, and associated tax credits and conveyance, for the Brin Life Center.

Your favorable consideration of this ordinance will be appreciated.

Mayor


Very truly yours,
ORDINANCE

WHEREAS, the City of Chicago (the "City") is 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, the City has certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans and grants for the development of multi-family residential housing to increase the number of families served with decent, safe, sanitary and affordable housing and to expand the long-term supply of affordable housing, and such Multi-Family Program Funds are administered by the City's Department of Planning and Development ("DPD"); and
WHEREAS, Brin Life Center, LLC, an Illinois limited liability company ("BLC" or, along with any affiliates thereof, the "Developer"), proposes to construct a mixed-use, mixed-income building as described in the hereinafter defined Redevelopment Agreement (the "Project"); and

WHEREAS, the members of BLC are (i) Brin Life Center Manager LLC, an Illinois limited liability company ("BLCM"), and (ii) an investor member or members to be hereafter selected; and

WHEREAS the members of BLCM are (i) Brinsho...