CHICAGO June 8.2011 To the President and Members of the City Council: Your Committee on Finance having had under consideration
An ordinance authorizing the issuance of City of Chicago Multi-Family Housing Revenue Notes (Park Boulevard 2A Project).
Amount of Notes
not to exceed: $26,000,000
Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed
Ordinance Transmitted Herewith
This recommendation was concurred in by_(a(viva voce vote^
of members of the committee with_dissenting vote(sT:--—
Alderman Burke abstains from voting pursuant to Rule 14.
OFFICE OF THE MAYOR
CITY OF CHICAGO
EICHAHD M. DALEY
MAYOR
May 4, 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, an associated bond issuance and fee waiver for Park Boulevard IIA, LLC.
Your favorable consideration of this 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 City of Chicago (the "City") is a home rule unit of local government and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, as a home rule unit and pursuant to the Constitution, the City is authorized and empowered to issue multi-family housing revenue bonds for the purpose of financing the cost of acquiring, constructing, and equipping an affordable multi-family housing facility for low- and moderate-income families located in the City; and
WHEREAS, by this ordinance (this "Ordinance"), the City Council of the City (the "City Council") has determined that it is necessary and in the best interests of the City to provide financing to Park Boulevard IIA, LLC, an Illinois limited liability company (the "Borrower"), the manager of which is Par...
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