Office of the City Clerk - Record #: O2022-2023

• Record #: O2022-2023
• Type: Ordinance
• Status: Passed
• Intro date: 6/22/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 7/20/2022
• Title: Amendment of Roosevelt Square 3B ordinance to reflect restructuring availability of financial funding types, including increased Series A and Series B multi-family housing mortgage revenue bonds, and separating projects as Bond Project, Market Rate Project and/or Museum Rehabilitation Project
• Sponsors: Lightfoot, Lori E.
• Topic: CITY COUNCIL - Miscellaneous
• Related files: O2021-2893

Date	Journal Page Number	Action By	Action	Result
7/20/2022	50363	City Council	Passed	Pass
7/18/2022		Committee on Finance	Recommended to Pass
6/22/2022	48677	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
June 22, 2022










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 an increase in the amount of multi-family housing mortgage revenue bonds to be issued for the Roosevelt Square 3B development project.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours,

Ordinance

Whereas, by virtue of Section 6(a) of Article Vii of the 1970 Constitution of the 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

Wl-IEREAS, as a home rule unit and pursuant to the Constitution, the City is authorized and empowered to issue multi-family housing revenue obligations for the purpose of financing the cost ofthe acquisition, construction, rehabilitation, development, and equipping of an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing "); and

WHEREAS, RS Affordable I LLC, an Illinois limited liability company (the "Borrower"), thc managing member of which is RS 3B LLC, an Illinois limited liability company (the "Managing Member"), the members of which are or will be LR ABLA LLC, an Illinois limited liability company, and Heartland Housing, Inc., an Illinois not-for-profit ('Heartland Housing") (or a wholly owned subsidiary thereof) has proposed a certain mixed use development project consisting ofthe acquisition, leasing, constructing, rehabilitating, developing, and equipping of and the construction thereon and equipping of low- and moderate- income residential facilities and related common facilities and containing approximately 309 residential rental apartments (of which 80 units will be set aside for tenants of the CHA...