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Record #: O2018-5051   
Type: Ordinance Status: Passed
Intro date: 6/27/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 7/25/2018
Title: Approval of loan restructuring, land use restrictions, and sale transfer agreements for Jarrell Washington Park LLC, in conjunction with St. Edmunds Corners project
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2018-5051.pdf, 2. O2018-5051 (V1).pdf
ORDINANCE


WHEREAS, the City of Chicago (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 programmed Community Development Block Grant funds for its Multi-Unit Rehabilitation Assistance Program ("Multi-Program") whereby acquisition and rehabilitation loans were made available to owners of rental properties containing five or more dwelling units located in low- and moderate-income areas, and the Multi-Program was administered by the City's Department of Housing ("DOH"), the successor of which is the Department of Planning and Development ("DPD"); and

WHEREAS, the City Council of the City (the "City Council"), pursuant to an ordinance enacted on July 2, 1997, and published at pages 47235 to 47482 of the Journal of the Proceedings of the City Council of that date (the "Ordinance"), authorized DOH to provide Multi-Program financing for the acquisition and rehabilitation of six (6) buildings located at 5701-03, 5714-16, 5926-28, 5939-41, 5942-44 and 6048-58 South Michigan Avenue in Chicago, Illinois (the "Property"), which contain 65 residential dwelling units (the "Project"); and

WHEREAS, on November 1, 1997, the City made a loan in the amount of Two Million Three Hundred and One Thousand Seven Hundred and Six and No/100 Dollars ($2,301,706) (the "City Loan") to Michigan Plaza Limited Partnership, an Illinois limited partnership (the "Original Owner"); and

WHEREAS, the City Loan was secured by, among other things, that certain Junior Mortgage, Security Agreement and Financing Statement, recorde...

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