Office of the City Clerk - Record #: O2021-4192

• Record #: O2021-4192
• Type: Ordinance
• Status: Passed
• Intro date: 9/14/2021
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/14/2021
• Title: Issuance of multi-family housing revenue tax-exempt bonds, with supporting funding loan, borrower, and regulatory agreements to Park Boulevard 3B LLC for construction of residential mixed-income buildings on Chicago Housing Authority (CHA) property, at 43 W 36th St, 3603 and 3607 S Federal St, 37th St and Federal St, with lease to be issued to Interfaith Housing Development Corp or affiliate
• Sponsors: Lightfoot, Lori E.
• Topic: FINANCE FUNDS - Multi-Family Program Funds

Date	Journal Page Number	Action By	Action	Result
10/14/2021	36903	City Council	Passed	Pass
10/13/2021		Committee on Finance	Recommended to Pass
9/14/2021	34223	City Council	Referred

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

September 14, 2021










TO THE HONORABLE, THE GITY 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 $24 million in tax-exempt revenue bonds for the benefit of Park Boulevard 3B Manager LLC.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours,

ORDINANCE


WHEREAS, by virtue of Section 6(a) of Article VII ofthe 1970 Constitution ofthe State of Illinois (the "Constitution"), the City of Chicago (the "City") is a home rule unit of government and as such may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, Park Boulevard 3B LLC, an Illinois limited liability company (the "Borrower"), has proposed financing a residential rental project consisting ofthe acquisition, construction and equipping by the Borrower of two new residential rental buildings to be located at 43 West 36th Street, 3607 South Federal Street, 3603 South Federal Street and 37th Street and Federal Street (permanent address to be assigned), all in Chicago, Illinois (the "Property"), such parcels owned by the Chicago Housing Authority (the "CHA") and to be leased by the CHA to The Interfaith Housing Development Corporation of Chicago, a 501(c)(3) Illinois not-for-profit corporation ("Interfaith") or an affiliate of Interfaith and immediately reconveyed to the Borrower, containing a total of approximately eighty (80) mixed-income rental housing units contained therein as studio, one-, two- and three-bedroom units (the "Project"); 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 financing to the Borrower to enable it to pay or reimburse itself for its prior payment of a portion of the costs of the Proj...