ORDINANCE NO. 220430

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Reducing an appropriation in the amount of $3,600,000.00 in the Central City Economic Development Fund; appropriating $3,600.000.00 from the Unappropriated Fund Balance in the Central City Economic Development Sales Tax Fund; and authorizing the Director of the Housing and Community Development Department to negotiate and execute a Funding Agreement with Promise Place, LLC in the amount of $3,600,000.00 for the purpose of constructing an affordable housing development located at 4423 Olive Street.

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WHEREAS, Promise Place, LLC ("Developer") has proposed to construct the Promise Place, a residential facility which includes 101 residential units to be located in Ivanhoe neighborhood along 44th Street and 45th Street between Olive Street and Wabash Avenue (the "Project Site"); and

WHEREAS, Developers proposal will provide 101 units of affordable housing for families with incomes between 30% - 60% of AMI; and

WHEREAS, development will include one, two- and three-bedroom units, a community room, leasing office, and fitness center; and

WHEREAS, the Developer's proposal contemplates a financing package that includes Central City Economic Development Sales Tax Funds; and

WHEREAS, the Developer requested a public contribution of $3,600,000.00 and the Central City Economic Development Sales Tax Board has recommended that funding be approved in the amount of $3,600,000.00; and

WHEREAS, the project serves a predominantly public municipal purpose because, without limitation, completion of the project (i) enhances the tax base of the Project Site; (ii) retains and generates jobs; (iii) promotes economic development in the area of the City in which the Project Site is located, and promotes consideration of areas of the City that the City Council has determined to be blighted as a location for business operations; (iv) results in generation of tax revenues to the City from the conduct of business...

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