OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
July 28, 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 an intent to issue housing revenue bonds.
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 for 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 Department of Housing and Economic Development ("HED") wishes to facilitate the acquisition and rehabilitation by POAH NSP Chicago, LLC, an Illinois limited liability company ("POAH") the sole member of which is Preservation of Affordable Housing, Inc., an Illinois not-for-profit corporation, of a residential rental housing project containing an aggregate of approximately 102 residential dwelling units located at (1) 6200-06 South Vernon Avenue, (2) 6156-58 South Vernon Avenue, (3) 6201-03 South Eberhart Avenue, (4) 6153-59 South. Eberhart Avenue, (5) 6200-06 South Rhodes Avenue, (6) 6154-56 South Rhodes Avenue, and (7) 6153-59 South St. Lawrence Avenue, all in Chicago, Illinois (collectively, "Project 1"); and
WHEREAS, HED wishes to facilitate the acquisition and rehabilitation by Celadon-Pulaski, LLC, an Illinois limited liability company ("Celadon") of a residential rental housing project containing approximately 30 residential dwelling units located at 1015 North Pulaski Road, in Chicago, Illinois ("Project 2"); a...
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