Office of the City Clerk - Record #: O2015-7185

• Record #: O2015-7185
• Type: Ordinance
• Status: Passed
• Intro date: 9/24/2015
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/14/2015
• Title: Multi-Family Program Funds loan to St. Edmund's Meadows Limited Partnership for development of affordable housing at 6100-6114 S Michigan Ave, 51-56 and 63-73 E 61st St, 6101-6111, 6141-6143 and 6145-6147 S Wabash Ave and 48-58 E 57th St
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security, - FINANCE FUNDS - Multi-Family Program Funds
• Related files: F2015-126

Date	Journal Page Number	Action By	Action	Result
10/14/2015	8563	City Council	Passed	Pass
10/13/2015		Committee on Finance	Recommended to Pass	Pass
9/24/2015	4690	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 24, 2015









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 an ordinance authorizing the execution of a multi-family loan agreement for St. Edmunds Meadows,
LP.

Your favorable consideration of this ordinance will be appreciated.

Mayor


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 exacerbation of such a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare of the City; and

WHEREAS, the City's Department of Planning and Development (the "DPD") was established by ordinance of the City Council of the City; and
WHEREAS, the DPD has the power and authority to act on behalf of the City and has as its primary purpose the revitalization of Chicago neighborhoods by improving the quality of housing through various rehabilitation and housing redevelopment programs; and

WHEREAS, St. Edmund's Meadows Limited Partnership, an Illinois limited partnership (the "Borrower"), of which St. Edmund's Meadows, Inc., an Illinois corporation, is the general partner (the "General Partner") and of which Centerline Corporate Partners XXII, LP, a Delaware limited partnership, is the limited partner (the "Limited Partner"); and

WHEREAS, in 2003, the City conveyed a City owned vacant lot to the Borrower for use as parking for a seven (7) building affordable housing development consisting of fifty-six (56) units (the "Development") being rehabilitated on scattered sites leas...