OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
June 5,2013
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the requvst of the Commissioner of Housing and Economic Development, I transmit herewith an ordinance authorizing a loan modification and subordination for Evergreen Towers II, LP.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
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 received certain funds from the United States Department of Housing and Urban Development 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 February 1, 1998 (the "Junior Loan Closing Date"), the City made a loan of funds in the principal amount of $6,099,417, with an interest rate of three percent (3%) percent per annum (the "Loan") to Evergreen Towers II LP., an Illinois limited partnership, with a mailing address of 1343 N. Cleveland Avenue; Chicago, IL 60610 ("Borrower"); and
WHEREAS, the Loan was secured by, among other things, (i) that certain Junior Mortgage Security Agreement and Financing Statement dated as of the Junior Loan Closing Date and recorded on February 19, 1998 in the Office of the Recorder of Deeds of Cook County, Illinois as Document No. 98131117, made by the Borrower in favor of the City (the "Mortgage") and (ii) that ...
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