Ordinance O2023-0005765
Passed
Issuance of multi-family housing revenue bonds and other financial assistance to New City Redevelopment Limited Partnership for acquisition and rehabilitation of affordable housing at 1515 and 1635-1643 W 47th St
Auto-generated summary
Chicago Mayor Brandon Johnson has proposed an ordinance to the City Council for financial support for the United Yards 1A affordable housing project. The ordinance allows the issuance of multi-family housing revenue obligations to fund the project. The plan involves constructing a 6-story building with 45 family housing units and two 3-flat buildings with six 2-bedroom units. The project will be funded through tax-exempt revenue bonds, secured by eligible funds. The City Council has approved the sale of the project site to the borrower, New City Redevelopment Limited Partnership, who will jointly develop the project with CCC. The ordinance authorizes the issuance of bonds up to $22.5 million and delegates authority to city officials to determine the sale of bonds. The bonds are limited obligations payable from revenues under the indenture and loan agreement. The city intends to use bond proceeds to reimburse project costs. The ordinance also allows for the use of Chicago Recovery Program Funds and additional financing upon approval.
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |
History
Locations mentioned
Legislation text
Additional Documents
- O2023-0005765 EDS.pdf
- O2023-0005765 Exhibit A - Financing.pdf
- O2023-0005765 Exhibit B - Form of Indenture.pdf
- O2023-0005765 Exhibit C - Form of Loan Agreement.pdf
- O2023-0005765 Exhibit D - Form of Land Use Restriction Agreement.pdf
- O2023-0005765 Exhibit E - Form of Redevelopment Agreement.pdf
- O2023-0005765 Exhibit F - Property Description.pdf
- O2023-0005765 Letter.pdf