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This record contains private information, which has been redacted from public viewing.
Record #: O2021-2893   
Type: Ordinance Status: Passed
Intro date: 6/25/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 7/21/2021
Title: Declaration of intent to issue multi-family housing revenue bonds for RS Roosevelt Square 3B project to RS Affordable I LLC, LR Development Company LLC, for rehabilitation or new construction on CHA properties at 1002 S. Racine Ave, 1257 W Roosevelt Rd, 1357 W Roosevelt Rd, 908-919 S Ada St, 1306 W Taylor St and developer's properties at various locations
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2021-2893.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

June 25,2021









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 the issuance of up to eighty-seven million dollars in tax-exempt housing revenue bonds for RS Roosevelt Square 3B housing development project.

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, RS Affordable I LLC, an Illinois limited liability company or another entity affiliated with, related to or with overlapping ownership interests in, such entity or the Developer (as defined herein) (the "Borrower"), as deemed acceptable by the Commissioner of Housing, intends to acquire a long term ground lease or other similar interest in certain real property owned by the Chicago Housing Authority, a municipal corporation, that is respectively located generally at 1002 South Racine Avenue; 1257 West Roosevelt Road, and 1357 West Roosevelt Road all within the City (together, the "CHA Property"); and
WHEREAS, the Borrower intends to acquire a portion of the real property located generally at 908-19 South Ada Street/1306 West Taylor Street, within the City (the "Ada Street Property", and together with the CHA Property, the "New Construction Property"); and

WHEREAS, the Borrower, intends to acquire certain property consisting of a tot...

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