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Record #: O2020-6220   
Type: Ordinance Status: Passed
Intro date: 12/16/2020 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 1/27/2021
Title: Restructuring of loan agreement with Lazarus Renewal LLC for Harding Project at 1900-1902 S Harding Ave and provision of new Multi-family Program Funds loan to Lazarus Renewal II LLC for rehabilitation of Pulaski Project at 1857-1867 S Pulaski Rd
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security, - FINANCE FUNDS - Multi-Family Program Funds
Attachments: 1. O2020-6220.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

December 16, 2020










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Housing, I transmit herewith an ordinance authorizing the execution of loan agreements with Lazarus Renewal II LLC.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours.

ORDINANCE


WHEREAS, the City ofChicago (the "City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, has heretofore found and does hereby find that there exists within the City a serious shortage of decent, safe and sanitary rental housing available to persons of low and moderate income; and

WHEREAS, the City has determined that the continuance of a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, the City has certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans and grants for the development of multi-family residential housing to increase the number of families served with decent, safe, sanitary and affordable housing and to expand the long-term supply of affordable housing, and such Multi-Family Program Funds are administered by the City's Department of Housing ("DOH"); and
WHEREAS, on September 21, 1994, the City Council of the City ("City Council") authorized the making of a loan to Lazarus Limited Partnership, an Illinois limited partnership ("Original Borrower"), in the principal amount of $1,430,500 (the "Original City Loan"), the proceeds of which were used to provide for the rehabilitation of two (2) residential buildings located generally at 1857-67 South Pulaski Road, in Chicago, Illinois and 1900-02 South Harding Avenue, in Chicago, Illinois (the "Original Project"); and
WHEREAS, the general partner of the Original Borrower is Lazarus Apa...

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