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This record contains private information, which has been redacted from public viewing.
Record #: SO2019-5291   
Type: Ordinance Status: Passed
Intro date: 6/12/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 10/16/2019
Title: Redevelopment and financing project agreements with Parkside Four Phase II, LP, Parkside Four II LLC, and issuance of Mortgage Revenue Bonds and Tax Increment Financing (TIF) assistance for low and moderate income residential facilities and common elements in area bounded by N Larrabee St, Division St, N Cleveland St and W Oak St
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Redevelopment
Attachments: 1. O2019-5291.pdf, 2. SO2019-5291.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

June 12, 2019










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith an ordinance authorizing an issuance of mortgage revenue bonds and an associated loan, provision of TIF assistance and tax credits for Parkside Four Phase II, LP.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours,

Mayor
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 obligations for the purpose of financing the cost of the acquisition, construction, rehabilitation, development, and equipping an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and
WHEREAS, by this ordinance (this "Ordinance"), the City Council of the City (the "City Council") has determined that it is necessary and in the best interests of the City to provide Multi-Family Housing Financing and certain other funding, as provided herein, to Parkside Four Phase II, LP, an Illinois limited partnership (the "Borrower" or the "Partnership"), the general partner of which is Parkside Four II, LLC, an Illinois limited liability company, (the "General Partner") the sole member of which is Parkside Associates, LLC, an Illinois limited liability company ("Parkside"), to enable it to pay or reimburse a portion of the costs of acquiring, leasing, constructing, and equipping of low- and moderate- income residential facilities and related common facilities and containing...

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