Ordinance SO2024-0012435
Passed
Redevelopment agreement with and issuance of financial assistance to SACRED Apartments Owner LLC for acquisition, construction and equipping of low-income residential facilities at 9212 S Burley Ave
Auto-generated summary
The City of Chicago has approved a Substitute Ordinance to address affordable housing shortages by issuing multi-family housing revenue bonds. The City and Cook County Land Bank Authority will sell vacant properties to SACRED Apartments Owner LLC and Interfaith Housing Development Corporation for $1 per tax parcel. The City will finance the project through Multifamily Tax-Exempt Bonds and Multifamily Housing Revenue Bonds, which will be secured by the Trust Estate. The project is part of the South Chicago Redevelopment Area under the Illinois Tax Increment Allocation Redevelopment Act. The City's Chief Financial Officer is authorized to issue Series A and Series B Bonds totaling $23,500,000, secured by City revenues and other assets. The Bonds will be sold to underwriters or investors, with proceeds used as outlined in the Bond Indenture. The City Council has mandated that all requirements of Section 147(f)(1) of the Code must be met before Bonds can be issued. The ordinance is effective immediately upon approval.
Alternate identifiers: O2024-0012435
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |
History
Legislation text
Additional Documents
- 12435 EDS.pdf
- O2024-0012435 Original Exhibit A.pdf
- O2024-0012435 Original Exhibit F.pdf
- O2024-0012435 Original Ordinance.pdf
- O2024-0012435 Transmittal Letter.pdf
- SO2024-0012435 Committee Letter.pdf
- SO2024-0012435 Exhibit A - Project and Financing.pdf
- SO2024-0012435 Exhibit B - Bond Indenture.pdf
- SO2024-0012435 Exhibit C - Financing Agreement.pdf
- SO2024-0012435 Exhibit D - Land Use Restriction Agreement.pdf
- SO2024-0012435 Exhibit E - Redevelopment Agreement.pdf
- SO2024-0012435 Exhibit F - Legal Description of Property.pdf
- SO2024-0012435 Exhibit F-1 - Depiction of Property.pdf