Office of the City Clerk - Record #: O2022-2995

• Record #: O2022-2995
• Type: Ordinance
• Status: Passed
• Intro date: 9/21/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/26/2022
• Title: Restructure, assumption and transfer of City and federal loans and documents from original borrower, South Park Plaza, LP, South Park Plaza, Inc., to new owners, South Park Plaza GP LLC, South Park Preservation, LP, Full Circle Communities, Inc., and BAHC Development LLC for properties at 2601 S Prairie Ave, 2600 S Dr. Martin Luther King, Jr. Dr, 2610-2618 S Calumet Ave, 2619-2635 S Calumet Ave, 2625-2641 S Prairie Ave and 2622-2630 S Dr. Martin Luther King, Jr. Dr, known as South Park Plaza
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
10/26/2022	53002	City Council	Passed	Pass
10/20/2022		Committee on Finance	Recommended to Pass
9/21/2022	51460	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR
September 21, 2022










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 transfer of ownership and management of South Park Plaza to a new owner.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours.

ORDINANCE


WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois and as such may legislate as to matters that pertain to its local government and affairs; and

WHEREAS, the City has determined that the continuance of a shortage of affordable housing for persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and

WHEREAS, the City, pursuant to the HOME Investment Partnerships Program ("HOME Program"), received from the United States Department of Housing and Urban Development an allocation of funds ("HOME Funds") to make loans and grants to expand the long-term supply of affordable housing through, among other things, acquisition, new construction, reconstruction and moderate and substantial rehabilitation in low- and moderate-income areas; and

WHEREAS, pursuant to a Loan Agreement dated September 1, 2003 ("Loan Agreement"), the City made a loan of HOME Funds in the principal amount of $7,992,100, with an interest rate of one percent per annum and a term not to exceed forty-two years (the "Loan"), to South Park Plaza, L.P., an Illinois limited partnership (the "Original Borrower"); and

WHEREAS, the Loan was evidenced by, among other things, that certain Note dated as of September 1, 2003 made by the Original Borrower in favor of the City in the original principal amount of the Loan (the "Note"), and was secured by, among other things, that.certain Junior Mortgage, Securi...