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This record contains private information, which has been redacted from public viewing.
Record #: O2021-1653   
Type: Ordinance Status: Passed
Intro date: 4/21/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 5/26/2021
Title: Issuance of multi-family housing revenue bonds for WHP-IID LLC for acquisition and construction of low-income housing development project at 145 N Damen Ave
Sponsors: Lightfoot, Lori E.
Attachments: 1. O2021-1653.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

April 21, 2021










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


Ladies and Gentlemen:

At the request of the Commissioner of Housing, I transmit herewith an ordinance authorizing the issuance of a tax-exempt bond for affordable housing development by WI1P-IID,
LLC.

Your favorable consideration of this 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, WHP-IID, LLC, an Illinois limited liability company (the "Borrower"), has proposed a certain low-income housing development project consisting of the acquisition of real property located at 145 North Damen Avenue in the City, and new construction thereon of a twelve-story mixed-use building, with a four-story wing containing commercial space and a total of approximately ninety-six (96) residential rental dwelling units, including approximately sixty-three (63) affordable units to be rented to low-income individuals and families (the "Project"); and

WHEREAS, the Borrower has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed Twenty-Seven Million and No/Dollars ($27,000,000) (the "Bonds") for the purpose of financing all or a portion of the Project costs, including but not limited to the costs incurred in connection with the issuance of the Bonds and funding certain reserves, if required; and

WHEREAS, it is int...

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