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OFFICE OF THE MAYOR
CITY OF CHICAGO
RICHARD M. DALEY
MAYOR
April 13, 2011
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Housing and Economic Development, I transmit herewith an ordinance authorizing the execution of a loan agreement, provision of affordable housing tax credits and a fee waiver for New Moms, Inc.
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, the City Council of the City of Chicago (the "City Council"), by ordinances adopted on September 27, 2007, and published in the Journal of Proceedings of the City Council (the "Journal") for such date at pages 8741 through 8874, has previously approved a certain redevelopment plan and project (the "Redevelopment Plan") for the Austin Commercial Tax Increment Financing Redevelopment Project Area (the "Redevelopment Area") pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended'(65 ILCS 5/11-74.4-1 et seq.) (the "Act"), designated the Redevelopment Area as' a redevelopment project area pursuant to the Act, and adopted tax increment financing pursuant to the Act as a means of financing certain redevelopment project costs (as defined in the Act) in the Redevelopment Area incurred pursuant to the Redevelopment Plan; and
WHEREAS, the City Council, by ordinance adopted on July 28, 2010 and published in the Journal for such date at pages 97411 throug...
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