Office of the City Clerk - Record #: O2022-399

• Record #: O2022-399
• Type: Ordinance
• Status: Passed
• Intro date: 1/26/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 2/23/2022
• Title: Authorization for issuance of tax-exempt housing revenue bonds for construction of Auburn Gresham Apartments at 834-858 W 79th St and 757 W 79th St
• Sponsors: Lightfoot, Lori E.
• Topic: FINANCE FUNDS - Multi-Family Program Funds

Date	Journal Page Number	Action By	Action	Result
3/4/2022		City Council	Signed by Mayor
2/23/2022	44232	City Council	Passed	Pass
2/17/2022		Committee on Finance	Recommended to Pass
1/26/2022	43148	City Council	Referred

ORDINANCE

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, Evergreen Imagine JV LLC, an Illinois limited liability company (the "Developer"), intends to cause to be formed Auburn Gresham Apartments LP, an Illinois limited partnership (the "Borrower"), and Auburn Gresham Apartments GP LLC, an Illinois limited liability company, which will be the general partner of Borrower, and cause Borrower to acquire certain property located generally at 834-858 West 79th Street and 757 West 79th Street in the City (the "Property"); and
WHEREAS, the Developer has proposed a certain low- and moderate-income housing development project that is anticipated to generate 58 newly built housing units on the Property (the "Project"). The Project is expected to be financed in whole or in part with the proceeds of the hereinafter mentioned Bonds; and
WHEREAS, the Developer has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed $20,000,000 (the "Bonds") forthe purpose of financing a portion ofthe Project costs; 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 intent to reimburse certain eligible expenditures for the Project made prior to the issuance of the Bonds ("Eligible Project Costs") from the proceeds of the Bonds (if and when issued) within the meaning of Section 1.1...