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Record #: O2019-9419   
Type: Ordinance Status: Passed
Intro date: 12/18/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 1/15/2020
Title: Redevelopment tax-exempt bond agreement with Bickerdike Redevelopment Corporation, Rockwell Community Development, Inc. and associated entities for construction of affordable rental housing at 2602-2638 N Emmett St
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2019-9419.pdf, 2. O2019-9419 (V1).pdf

WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the 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 for 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, Bickerdike Redevelopment Corporation, an Illinois not-for-profit corporation ("Developer"), through a to-be-formed limited partnership (the "Borrower"), of which either Rockwell Community Development, Inc., an Illinois not-for-profit corporation, or another entity affiliated with, related to, or with overlapping ownership interests in the Developer or Borrower, is anticipated to be the general partner, intends to acquire certain property located generally at 2602-2638 North Emmett Street in the City (the "Property"); and
WHEREAS, Developer has proposed a certain low-income housing development project on the Property consisting of a new construction of one seven-story elevator building and of approximately 100 affordable rental units therein, along with certain common areas, associated parking spaces and other building amenities (the construction and equipping of the real estate and the building, including the residential dwelling units and associated areas in the building, shall be known as the "Project"); and
WHEREAS, Developer has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed $22,500,000 (the "Bonds") forthe purpose of financing a portion ofthe Project costs; and
WHEREAS, it is intended that the interest on the Bonds will be excluded from gross income for federal income tax purposes; and

WHEREAS, it is intended that this ordinance shall ...

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