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This record contains private information, which has been redacted from public viewing.
Record #: O2019-3428   
Type: Ordinance Status: Introduced
Intro date: 4/10/2019 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Redevelopment and loan agreements and issuance of multi-family housing revenue bonds for Paseo Boricua Arts LLC for construction of affordable apartment units at 2709-2715 W Division St
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Redevelopment, - FINANCE FUNDS - Grant Funds
Attachments: 1. O2019-3428.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
April 10,2019










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 the execution of a redevelopment agreement, together with a loan and an issuance of housing revenue bonds, for the Boricua Arts building.

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 of the Stale 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 ofthe 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, Paseo Boricua Arts, LLC, an Illinois limited liability company (the "Borrower"), The Puerto Rican Cultural Center, an Illinois not-for-profit corporation (the "Cultural Center"), and Brinshore Development, L.L.C., an Illinois limited liability corporation ("Brinshorc"), have proposed a certain mixed use development project consisting ofthe acquisition of real property located at 2709-15 West Division Street in the City and the construction thereon and equipping of a five-story mixed use building that will include on floors two through five affordable housing consisting of 24 apartments comprised of eight studio apartments, eight one bedroom apartments and eight two bedroom apartments together with appurtenant facilities located on the first floor (the "Projec...

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