Office of the City Clerk - Record #: O2016-5449

• Record #: O2016-5449
• Type: Ordinance
• Status: Passed
• Intro date: 6/22/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 7/20/2016
• Title: Acquisition and conveyance of property and donation of tax credit loan to and execution of redevelopment agreement with Carling LLC for rehabilitation of single-room occupancy hotel at 1512 N LaSalle St
• Sponsors: Emanuel, Rahm
• Topic: PROPERTY - Acquisition

Date	Journal Page Number	Action By	Action	Result
8/3/2016	o2016-544	City Council	Signed by Mayor
7/20/2016	28164	City Council	Passed	Pass
7/19/2016		Committee on Finance	Recommended to Pass	Pass
6/22/2016	25598	City Council	Referred

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, Carling Hotel, LLC, an Illinois limited liability company ("Seller?), as the sole beneficiary of Chicago Title Land Trust Company, as successor trustee to Cosmopolitan National Bank of Chicago, as trustee under a Land Trust Agreement, dated May 15, 1963, and known as trust no. 13025, and The Michaels Development Company I, LP., a New Jersey limited partnership ("Purchaser"), have entered into that certain Purchase and Sale Agreement ("PSA"), dated July 28, 2015, relating to Seller's proposed sale and Purchaser's proposed acquisition of the property commonly known as 1512 N. LaSalle Street, Chicago, Illinois, which is improved with a single-room occupancy hotel known as the Carling Hotel, and legally described in Exhibit A attached hereto and made a part hereof (the "Property"), for the purchase price of Ten Million Dollars ($10,000,000); and

WHEREAS, the City proposes to acquire the Property from the Seller pursuant to a partial assignment and assumption of the PSA, which will include the City's obligation to pay an amount not to exceed the Ten Million Dollar ($10,000,000) purchase price and the City's right to take title to the Property; and

WHEREAS, the City proposes to re-convey the Property to an entity that will rehabilitate the single-room occupancy hotel and rent the rehabilitated units to low- and moderate-income families; and

WHEREAS, Better Tomorrows-Carling LLC, an Illinois limited liability company ("Sponsor"), of which Michaels Community Services Corporation d/b/a Better Tomorrows, a New Jersey not-for-profit corporation is the sole member/owner, has proposed a bargain sale purchase of ...