Office of the City Clerk - Record #: O2014-6818

• Record #: O2014-6818
• Type: Ordinance
• Status: Passed
• Intro date: 9/10/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/8/2014
• Title: Funding loan agreement with Citibank, N.A. and loan and redevelopment agreement with Casa Queretaro LP for construction of multi-family, low-income rental housing at 1614 S Damen Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
10/8/2014	89200	City Council	Passed	Pass
10/6/2014		Committee on Finance	Recommended to Pass	Pass
9/10/2014	86797	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 10, 2014









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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinance authorizing the provision of TIF funds, a loan, multi-family obligations and a conveyance for Casa Queretaro, LP.

Your favorable consideration of this ordinance will be appreciated.

Mayor



Very truly yours,
ORDINANCE

WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, the City of Chicago (the "City") is a home rule unit of local government and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, as a home rule unit and pursuant to the Constitution, the City is authorized and empowered to issue multi-family housing revenue obligations for the purpose of financing the cost of the acquisition, construction, rehabilitation, development, and equipping an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and
WHEREAS, the City is in title to the property commonly known as 1614 South Damen Avenue, Chicago, Illinois, which is legally defined in Exhibit F attached hereto (subject to final title commitment and survey, the "Property"); and
WHEREAS, the appraised fair market value of the Property is One Dollar ($1.00) because the estimated cost to remediate the Property ($812,000) exceeds the value of the land ($500,000); and
WHEREAS, The Resurrection Project, an Illinois not-for-profit corporation ("TRP") has proposed to purchase the Property from the City for the sum of One "Dollar ($1.00), and to immediately reconvey the Property to Casa Queretaro LP, an Illinois limited partnership (the "Borrower"), which will develop on the Property the below-defined Project; and
WHEREAS, by Resolution No. 14-CDC-28 adopted by the Community ...