Office of the City Clerk - Record #: SO2019-3424

• Record #: SO2019-3424
• Type: Ordinance
• Status: Passed
• Intro date: 4/10/2019
• Current Controlling Legislative Body: Committee on Finance
• Final action: 6/12/2019
• Title: Redevelopment and loan agreements with Southbridge9 Master Owner LLC, TCB Development Services and Southbridge 1-9 Housing LLC for residential development at 2350 S State St
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
6/19/2019		Office of the Mayor	Signed by Mayor
6/12/2019	480	City Council	Passed as Substitute	Pass
6/11/2019		Committee on Finance	Recommended to Pass
6/11/2019		Committee on Finance	Substituted in Committee
4/10/2019	97990	City Council	Referred

SUBSTITUTE 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 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 Planning and Development ("DPP"); and

WHEREAS, DPD has preliminarily reviewed and approved the making of a loan to Southbridge 9 Master Owner LLC, an Illinois limited liability company (the "Borrower" or the "Master Owner"); the sole member of the Borrower is Ickes Master Developer JV LLC, an Illinois limited liability company (the "Master Developer"); the members of the Master Developer are The Community Builders, Inc., a Massachusetts charitable corporation, doing business in Illinois as TCB Illinois NFP, Inc. ("TCB"), and Ml Ickes LLC, a Delaware limited liability company ("Ml Ickes"); the loan to the Borrower will be in an amount not to exceed $2,397,958 (the "Loan") to be funded from Multi-Family Program Funds pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof; and

WHEREAS, prior to the closing, if DPD determines that it is necessary due to condominium ownership structure of the Property (as defined on Exhibit A) DPD may agree to make the Loan...