Office of the City Clerk - Record #: SO2017-7427

• Record #: SO2017-7427
• Type: Ordinance
• Status: Passed
• Intro date: 10/11/2017
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/8/2017
• Title: Issuance of multi-family mortgage revenue bonds, and associated redevelopment agreement and issuance of tax credits for Taylor Street LLC
• Sponsors: Emanuel, Rahm

Date	Journal Page Number	Action By	Action	Result
11/8/2017	58507	City Council	Passed as Substitute	Pass
11/6/2017		Committee on Finance	Recommended to Pass
11/6/2017		Committee on Finance	Substituted in Committee
10/11/2017	55868	City Council	Referred

CHICAGO November 8. 2017

To the President and Members of the City Council:

Your Committee on Finance having had under consideration

A substitute ordinance authorizing the issuance of City of Chicago Multi-Family Housing Revenue Bonds (Taylor Street Library and Apartments Project), Series 2017, to enter into and execute a Redevelopment Agreement, and to issue tax credits for Taylor Street LA LLC.
02017-7427 Amount of Bonds: $26,000,000


Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith
'5u4»->4vtuZL
This recommendation was concurred in by (awva voce vote^)
of members of the committee with dissenting vote(s)T~~

Alderman Burke abstained from voting under the provisions of Rule 14.


Respectfully submitted
(signed|1010|
Chairman
Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 11,2017










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 authorizing an issuance of multi-family mortgage revenue bonds, and associated redevelopment agreement and issuance of tax credits, for Taylor Street LLC.

Your favorable consideration of this ordinance will be appreciated.

Mayor


Very truly yours,

SUBSTITUTE ORDINANCE

WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, the City of Chicago (the "City") is a home rule unit of local 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 bonds for the purpose of financing the cost of acquiring, rehabilitating and equipping an affordable multi-family housi...