Office of the City Clerk - Record #: O2020-245

• Record #: O2020-245
• Type: Ordinance
• Status: Passed
• Intro date: 2/19/2020
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/24/2020
• Title: Multi-Family Program Funds loan to Casa Veracruz LLC for acquisition and rehabilitation of buildings at various locations
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Loan & Security, - FINANCE FUNDS - Multi-Family Program Funds

Date	Journal Page Number	Action By	Action	Result
4/24/2020	15060	City Council	Passed	Pass
3/12/2020		Committee on Finance	Recommended to Pass
2/19/2020	13941	City Council	Referred

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

January 15,2020










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing the execution of a loan agreement with Casa Veracruz and associated issuance of tax-exempt housing revenue bonds and debt restructuring.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours,

ORDINANCE


WHEREAS, by virtue of Section 6(a) of Article VII ofthe 1970 Constitution ofthe State of Illinois (the "Constitution"), 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 of government pursuant to the Constitution, the City is authorized and empowered to issue multi-family housing revenue obligations for the purpose of financing or refinancing the cost ofthe acquisition, construction, rehabilitation, development, and equipping of affordable multi-family housing facilities for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and
WHEREAS, the City has certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans and grants for the development of multi-family residential housing to increase the number of families served with decent, safe, sanitary and affordable housing and to expand the long-term supply of affordable housing, and such Multi-Family Program Funds are administered by the City's Department of Housing ("DOH"); and

WHEREAS, Casa Veracruz, LLC, an Illinois limited liability company (the "Borrower"), has proposed financing a residential rental project consisting of (a) the acquisition by the Borrower of the existing residential rental properties identified in Exhibit A attached hereto and made part of this Ordinance containing a tota...