Office of the City Clerk - Record #: O2023-891

• Record #: O2023-891
• Type: Ordinance
• Status: Passed
• Intro date: 1/18/2023
• Current Controlling Legislative Body: Committee on Finance
• Final action: 3/15/2023
• Title: Issuance of multi-family housing revenue bonds and other financial assistance to Mercy Housing Lakefront for acquisition of property and development of low-income housing at 1801 S Wabash Ave
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
3/15/2023	60853	City Council	Passed	Pass
3/13/2023		Committee on Finance
1/18/2023	58890	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
January 18. 2023










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing the issuance of financial assistance for the MHL2 Prairie District Apartments development.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours

ORDINANCE
WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article Vll 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 for 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, Mercy Housing Lakefront, an Illinois not-for-profit corporation (the "Developer"), the manager of MHL 2 Prairie District Apartments-Wabash GP LLC, an Illinois limited liability company and the general partner of MHL 2 Prairie District Apartments-Wabash LP, an Illinois limited partnership (the "Borrower"), intends to cause the Borrower to acquire certain property located at 1801 South Wabash Avenue, Chicago, Illinois 60616 in the City (the "Property"); and
WHEREAS, the Developer intends to cause the Borrower to develop an existing SRO building on the Property into a low-income housing development project which will consist of 80 affordable housing rental units, and shall be known as the "Project"; and
WHEREAS, the Developer has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed $23,000,000 (the "Bonds") for the purpose of financing a portion of the Project costs, including the Eligible Project Costs (as defined here...