OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 28, 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 loan modification agreement for Renaissance West LP.
Your favorable consideration of this ordinance will be appreciated.
Very truly yours,
Mayor
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 has determined that the continuance of a shortage of affordable housing 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, pursuant to the Home Investment Partnerships Program, received from the United States Department of Housing and Urban Development an allocation of 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, on or about April 7, 1993, the City made a loan of HOME funds in the principal amount of $1,483,069 (the "Loan") to Renaissance West Limited Partnership, an Illinois limited partnership (the "Borrower"), with an interest rate of zero percent per annum and a maturity date of July 1, 2014 (the "Maturity Date"), as set forth in that certain Note dated as of April 7, 1993, given to the City by the Borrower; and
WHEREAS, the current balance on the Loan is approximately $1,000,431; and
WHEREAS, the Loan was secured by, among other things, that certain Junior Mortgage Security Agreement and Financing Statement dated as of April 7, 1993, made by the ...
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