Office of the City Clerk - Record #: O2019-8442

• Record #: O2019-8442
• Type: Ordinance
• Status: Passed
• Intro date: 11/5/2019
• Current Controlling Legislative Body: Committee on Economic, Capital and Technology Development
• Final action: 11/13/2019
• Title: Restructuring of loan and subordination agreement for Renaissance St. Luke LP regarding 1501-1515 W Belmont Ave
• Sponsors: Dept./Agency

Date	Journal Page Number	Action By	Action	Result
11/13/2019	8800	City Council	Passed	Pass
11/5/2019		Committee on Economic, Capital and Technology Development	Recommended to Pass
11/5/2019		City Council	Referred

Department of Housing city of chicago
MEMORANDUM
October 28, 2019
To: Tiffany Sostrin
Director of Intergovernmental Affairs

Marisa Novara Commissioner Department of Housing


Re: Proposed November 5, 2019 Direct Introduction to the City Council Economic Capital Technology Development (ECTD) Committee: Renaissance St. Luke - Sale and Loan Subordination.


This memorandum requests the direct introduction, at the next ECTD Committee meeting on November 5, 2019, of an ordinance for the Renaissance St. Luke Senior Building located in the 32nd Ward at 1501 -15 W. Belmont.

On September 18, 2019, the City Council approved the Renaissance St. Luke - Sale and Loan Subordination, but it was determined that an incorrect copy of the ordinance was transmitted to the City Clerk.

The direct ordinance is necessary in order to transmit the correct ordinance to the ECTD Committee.
A copy of the ordinance is attached for your review. Thank you for your consideration.

cc: Lucia Bertone-Ledford Jeffery Levine


121 NORTH LASALLE STREET, ROOM 1000, CHICAGO, ILLINOIS 60602

ORDINANCE


WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois and as such may legislate as to matters that pertain to its local government and affairs; and

WHEREAS, the City has determined that the continuance of a shortage of affordable housing for persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, the City, pursuant to the HOME Investment Partnership Program ("HOME Program"), received from the United States Department of Housing and Urban Development an allocation of funds ("HOME Funds") to make loans and grants to expand the long-term supply of affordable housing through, among other things, acquisition, new construction, reconstruction and moderate and substantial rehabilitation in low- and moderate-income areas; a...