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Record #: O2021-5882   
Type: Ordinance Status: Passed
Intro date: 12/15/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 1/26/2022
Title: Authorization to issue multi-family revenue bonds, or debt instruments, to BJ Wright Preservation LP, BJ Wright GP LLC for of property and renovation of Barbara Jean Wright Court Apartments between Maxwell St, Morgan St, 14th Pl, Racine Ave and Blue Island Ave
Sponsors: Lightfoot, Lori E.
Topic: FINANCE FUNDS - Multi-Family Program Funds
Attachments: 1. O2021-5882.pdf, 2. O2021-5882 (V1).pdf

WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article Vll 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, BJ Wright Preservation, LP, an Illinois limited partnership (the "Borrower"), the sole general partner of which is BJ Wright GP, LLC, an Illinois limited liability company, has proposed renovation of a certain low-income housing development project of 12 garden style four-story apartment buildings and 15 two-story townhomes, all of which shall comprise approximately 272 residential dwelling units, located in the City on various parcels between Maxwell Street, Morgan Street, 14th Place, Racine Avenue and Blue Island Avenue, and known as the Barbara Jean Wright Court Apartments (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 Forty-Four Million Seven Hundred Thirty-Two Thousand Dollars ($44,732,000) (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 intended that the interest on the Bonds will be excluded from gross income for federal income tax purposes; and
WHEREAS, it is,intended that this ordinance shall constitute a declaration of official intent to reimburse certain eligible expenditures for the Project made prior to the issuance of the Bonds ("Eligible Project Costs") from the proceeds ofthe Bonds (if and ...

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