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Record #: O2022-429   
Type: Ordinance Status: Passed
Intro date: 1/26/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 2/23/2022
Title: Redevelopment agreement with 63rd Maryland LLC and 63rd Maryland Manager LLC for Multi-Family Program loan funding, tax incremental financing (TIF) assistance and purchase of City property to develop affordable housing at 839-845 E 63rd St and 6305-6311 S Maryland Ave
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2022-429.pdf
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OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

January 26, 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 financial assistance and associated sale of city-owned land to 63rd and Maryland
LLC.

Your favorable consideration of this ordinance will be appreciated.

Mayor
ORDINANCE


WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, has heretofore found and does hereby find that there exists within the City a serious shortage of decent, safe and sanitary rental housing available to persons of low and moderate income; and

WHEREAS, the City has determined that the continuance of a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare of the City; 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, DOH has preliminarily reviewed and approved the making of a loan to 63rd Maryland LLC, an Illinois limited liability company (the "Borrower") of which 63rd Maryland Manager, LLC, an Illinois limited liability company is the managing member, in an amount not to exceed $6,500,000 (the "Loan"), to be funded from Multi-Family Program Funds pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof;

WHEREAS, pursuant to an ordinance adopted by the City Council of the City (the "City Council") on January 20, 1999 and pu...

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