Office of the City Clerk - Record #: O2022-430

• Record #: O2022-430
• Type: Ordinance
• Status: Passed
• Intro date: 1/26/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 2/23/2022
• Title: Redevelopment agreement and land use agreement with New Covent LLC, Covent Apartments LLC and Covent NHPF Manager LLC to provide multi-family program funds, tax-exempt bonds,and loan assistance for acquisition, deconversion and renovation of The Covent Hotel, 2653 N Clark St
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Redevelopment, - FINANCE FUNDS - Multi-Family Program Funds

Date	Journal Page Number	Action By	Action	Result
3/4/2022		City Council	Signed by Mayor
2/23/2022	44427	City Council	Passed	Pass
2/17/2022		Committee on Finance	Recommended to Pass
1/26/2022	43149	City Council	Referred

ORDINANCE
WHEREAS, by virtue of Section 6(a) of Article Vll of the 1970 Constitution of the State of Illinois, the City of Chicago (the "City') is a home rule unit of 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 of an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and
WHEREAS, New Covent LLC, an Illinois limited liability company (the "Developer") whose members are New Covent Managing Member, LLC, an Illinois limited liability company (which entity is controlled by the NHP Foundation) and The NHP Foundation, a District of Columbia non­profit corporation ("NHP"), is the current beneficial owner of certain property located generally at 2653 N. Clark Street, Chicago, Illinois, and currently known as The Covent Hotel (the "Project Site"); and

WHEREAS, Covent Apartments, LLC, an Illinois limited liability company (the "Borrower") desires to (i) acquire the Project Site from the Developer and (ii) obtain Multi-Family Housing Revenue Bonds from the City for the purpose of financing a low-income housing development project consisting of the acquisition, rehabilitation and equipping of an approximately 64-unit multifamily housing rental apartment complex being deconverted to approximately 30 residential units to be known as The Covent Apartments and located at 2653 North Clark Street, Chicago, Illinois (the "Project"), located at the property (legally described in Exhibit E attached hereto and subject to final title commitment and survey, the "Property"), and to pay a portion of the costs of issuance and other costs incurred in connection therewith; and

WH...