Office of the City Clerk - Record #: O2021-4752

• Record #: O2021-4752
• Type: Ordinance
• Status: Passed
• Intro date: 10/14/2021
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/17/2021
• Title: Redevelopment agreement with Conservatory Apartments LLC, Interfaith Housing Development Corporation of Chicago to provide partial financing for construction of affordable residential housing units at 414 N Central Park Ave
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
11/17/2021	41084	City Council	Passed	Pass
11/15/2021		Committee on Finance	Recommended to Pass
10/14/2021	36883	City Council	Referred

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

October 14. 2021










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 ofa redevelopment agreement with Conservatory Apartments LLC for a new multi-family affordable housing development.

Your favorable consideration of this 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 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, pursuant to ordinances adopted on February 27, 2002, and published in the Journal ofthe Proceedings ofthe City Council ofthe City (the "City Council") for such date, and underthe provisions ofthe Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4.1 et seq., as amended (the "Act"), the City Council: (i) approved a redevelopment plan and project (the "Plan") for a portion of the City known as the "Chicago/Central Park Financing Redevelopment Project Area" (the "Area"); (ii) designated the Area as a "redevelopment project area" within the requirements of the Act; and (iii) adopted tax increment financing for the Area (the "TIF Ordinance"); and

WHEREAS, Conservatory Apartments LLC, an Illinois limited liability company ("Owner"), the sole member of which is Interfaith Housing Development Corporation of Chicago, an Illinois not for profit corporation ("Interfaith"), currently owns the land located at 414 North Central Park Bouleva...