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Record #: O2018-7795   
Type: Ordinance Status: Passed
Intro date: 9/20/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 10/31/2018
Title: Issuance of multi-family housing revenue tax-exempt bonds to The Mark Twain NHPF for acquisition and development of low-income housing rental apartment complex at 111 W Division St and execution of bond indenture, loan agreement and land-use restriction agreement
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2018-7795.pdf, 2. O2018-7795 (V1).pdf, 3. O2018-7795.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 20, 2018










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:
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At the request ofthe Commissioner of Planning and Development, I transmit herewith ordinance authorizing execution of a Multi-Family Loan Agreement, issuance of tax-exempt bonds and developer designation for Mark Twain NHPF, LLC.

Your favorable consideration of this ordinance will be appreciated.

Mayor


Very truly yours,
ORDINANCE


WHEREAS, by virtue of Section 6(a) of Article VII ofthe 1970 Constitution ofthe State of Illinois, 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, New Mark Twain LLC, an Illinois limited liability company (the "Developer") whose sole member is The NHP Foundation, a District of Columbia non-profit corporation ("NHP"), is the current owner of certain property located generally at 111 W. Division Street, Chicago, Illinois, and currently known as The Mark Twain Hotel (the "Project Site");'and
WHEREAS, Mark Twain NHPF, LLC, an' Illinois limited liability company (the "Borrower") desires to (i) acquire the Project Site from the Developer and (ii) obtain Multi-Family Housing Financing from the City for the purpose of financing a low-income housing development project consisting of the acquisition, rehabilitation and equipping of an approximately 148-unit multifamily housing rental apartment complex to be known as The Mark Twain located at 111...

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