CHICAGO July 28, 2011
To the President and Members of the 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 Pullman Suites, L.P.
Amount of Loan
not to exceed: $7,396,054.
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 of members of the committee with
viva voce vote
dissenting voters)
Alderman Burke abstains from voting pursuant to Rule 14.
(signe<
Respectfully submitted
Chairman
RAHM EMANUEL MAYOR
OFFICE OF THE MAYOR
CITY OF CHICAGO
July 6,2011
T O THE HONORABLE, THE CITY COUNCIL OF THE CI TY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Housing and Economic Development, 1 transmit herewith an ordinance authorizing the execution of a loan agreement, conveyance and fee waiver for Pullman Suites LP.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours,
Mayor
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 has certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans and grants for the development of multi-family residential housing to increase the number of families served with decent, safe, sanitary and affordable housing and to expand the long-term supp...
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