OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
October 7, 2020
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing inducement language regarding a tax-exempt housing revenue bond issuance for the Chicago Lighthouse Residences.
Your favorable consideration ofthis ordinance will be appreciated.
Very truly yours.
ORDINANCE
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, The Chicago Lighthouse Residences 4, LLC, an Illinois limited > liability company (the "Borrower"), of which The Chicago Lighthouse Residences 4 Manager, LLC, an Illinois limited liability company, is the managing member, intends to acquire certain property located generally at 1800-1812 West Roosevelt Road and 1801 West Grenshaw Street in the City (the "Property"); and
WHEREAS, the Borrower has proposed a certain low and moderate income housing development project on the Property consisting of a new construction of one building containing approximately 76 affordable rental units together with certain common areas, associated parking spaces and other building amenities (the "Building"), of which approximately 49 rental units, together with an applicable portion of such building, common areas, parking and amenities (the "Project"), are expected to be financed in whole or in part with the proceeds of the hereinafter mentioned Bonds; and
WHEREAS, the Borro...
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