This record contains private information, which has been redacted from public viewing.
Record #: O2019-7773   
Type: Ordinance Status: Passed
Intro date: 9/18/2019 Current Controlling Legislative Body: Committee on Finance
Final action: 10/16/2019
Title: Restructuring of 2007 HOME Investment Partnership Program loan that built Phoenix House Apartments, 1251 S Sawyer Ave, to facilitate borrower's sale to Heartland Phoenix House LLC
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Miscellaneous
Attachments: 1. O2019-7773.pdf, 2. O2019-7773 (V1).pdf
ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois and as such may legislate as to matters which pertain to its local government and affairs; and
WHEREAS, the City Council of the City (the "City Council") has determined that the continuance of a shortage of rental housing affordable to persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and

WHEREAS, the City programmed HOME Investment Partnership Program ("HOME") funds whereby acquisition and rehabilitation loans were made available to owners of rental properties, and HOME is administered by the City's Department of Housing ("DOH"); and

WHEREAS, the City Council, pursuant to an ordinance enacted on November 15, 2006, and published at pages 92011 - 92018 of the Journal of the Proceedings of the City Council of that date, authorized DOH to provide HOME financing in the amount of $1,300,000 (the "HOME Loan") for the construction of a building called the Phoenix House Apartments (the "Building") located at 1251 South Sawyer Avenue (the "Property"), in Chicago, Illinois, and the 32 residential dwelling units therein (the "Project"); and
WHEREAS, The Phoenix House LLC, an Illinois limited liability company, owns the Building (the "Borrower"); and

WHEREAS, in connection with the Project, the City made the HOME Loan to the Borrower on March 30, 2007 with an interest rate of zero percent per annum, which HOME Loan is secured by, among other things, that certain Mortgage, Security Agreement and Financing Statement dated March 30, 2007 and recorded on March 30, 2007 in the Office of the Recorder of Deeds of Cook County, Illinois as document number 0708905157, made by the Borrower in favor of the City (the "Mortgage"); and
WHEREAS, the City conveyed the Property to Aidscare, Inc., an Illinois not-for-profit corporation, the Borrower's pred...

Click here for full text