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Record #: O2011-3759   
Type: Ordinance Status: Passed
Intro date: 5/4/2011 Current Controlling Legislative Body: Committee on Finance
Final action: 6/8/2011
Title: Redevelopment agreement and issuance of associated housing revenue bonds and loan for Goldblatt's Senior Living
Sponsors: Daley, Richard M.
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2011-3759.pdf

CHICAGO June 8.2011 To the President and Members ofthe City Council: Your Committee on Finance having had under consideration
An ordinance authorizing the Commissioner of the Department of Housing and Economic Development to enter into and execute a Loan Agreement with Goldblatts, the issuances of City of Chicago Multi-Family Housing Revenue Bonds, Series 2011, (Goldblatts Supportive Living Project), and a Redevelopment Agreement with Goldblatts of Chicago Limited Partnership.
Amount of Bonds
not to exceed: $ 18,000,000
Amount of Notes
not to exceed: $ 1,000,000
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^iva voce vote
of members of the committee with_dissenting vote(i§):----
Alderman Burke abstains from voting pursuant to Rule 14.
fsjtectfully submitted
(signed).

Chairman


OFFICE OF THE MAYOR
CITY OF CHICAGO
HICHABD 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 redevelopment agreement and associated housing revenue bonds issuance and loan for Goldblatt's Senior Living.
Your favorable consideration of this ordinance will be appreciated.

Very truly yours,
ORDINANCE1
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 of the State of Illinois, the City is authorized and empowered to issue multi-family housing revenue bonds for the purpose of financing the cost of acquiring, rehabilitating and equipping a senior citizen residential facility ...

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