Ordinance SO2024-0012440 - Chicago Councilmatic

Redevelopment agreement with and issuance of financial assistance to The Ave SW LLC for acquisition, construction and equipping of building at 3601-3625 W Chicago Ave

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The City of Chicago has approved a Substitute Ordinance to address the shortage of affordable rental housing by issuing multi-family housing revenue obligations. Ave SW LLC plans to acquire land for a mixed-use residential building for low-income individuals. The City Land, valued at $240,000, will be sold to the Borrower for $1.00. The City Council will issue Multi-Family Housing Revenue Bonds and enter into various agreements for security and terms. The Project will be financed in part by a grant not exceeding $20,015,000 from taxes deposited into a special TIF Fund, taxable bonds, and a loan. The City Council also authorizes the issuance of bonds up to $660,000,000 for the Chicago Recovery Plan. The Authorized Officer is empowered to execute necessary agreements and documents. After the sale of Bonds, the proceeds will be used as outlined in the ordinance. The City Council is authorized to pay up to $20,015,000 from Incremental Taxes in the TIF Fund to finance eligible costs for the Project. The ordinance is effective immediately.

Alternate identifiers: O2024-0012440

	Sponsor	Ward
	Johnson, BrandonPrimary Sponsor

History

Date	Legislative body	Action
Date 2024-09-27	Legislative body Chicago City Council	Action Substituted
Date 2024-09-18	Legislative body Chicago City Council	Action Referred
Date 2024-09-18	Legislative body Chicago City Council	Action Introduced

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