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This record contains private information, which has been redacted from public viewing.
Record #: O2021-4193   
Type: Ordinance Status: Passed
Intro date: 9/14/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 11/17/2021
Title: Redevelopment agreement and long term ground lease with CHA by Oakwood Shores 3-1 Owner LLC, Oakwood Shores 3-1 MM LLC to construct affordable housing at 616-630 E Pershing Road with tax increment financing (TIF) assistance
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2021-4193.pdf


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

September 14, 2021










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Ffousing, I transmit herewith an ordinance authorizing the issuance of $2 million in TIF assistance to Oakwood Shores 3-1 Owner LLC for affordable housing development.

Your favorable consideration of this ordinance will be appreciated.

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 to 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, pursuant to ordinances adopted on November 6, 2002, and published in the Journal of the Proceedings of the City Council of the City (the "City Council") for such date at pages 95464 to 95582, and under the provisions of the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seg., as amended (the "Act"), the City Council: (i) approved a redevelopment plan and project (the "Plan") for a portion ofthe City known as the "Madden/Wells Tax Increment Financing Redevelopment Project Area" (the "Area"); (ii) designated the Area as a "redevelopment project area" within the requirements ofthe Act; and (iii) adopted tax increment financing for the Area (the "TIF Ordinance"); and

WHEREAS, Oakwood Shores 3-1 Owner LLC, an Illinois limited liability company ("Oakwood Shores 3-1 Owner"), the managing member of which is Oakwood Shores 3-1 MM LLC, an Illinois limited liability company, plans to lease land owned by the Chicago Housing Authority, an Illinois municipal corpo...

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