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 ordinance authorizing the execution of a loan modification agreement and subordination for Foster Enterprises.
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 of the 1970 Constitution of the 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 ofthe City; and
WHEREAS, the City programmed Multi-Unit Rehabilitation Assistance Program ("Multi-Program") funds whereby acquisition and rehabilitation loans were made available to owners of rental properties containing five or more dwelling units located in low- and moderate-income areas, and the Multi-Program is administered by the City's Department of Planning and Development ("DPD"); and
WHEREAS, the City Council, pursuant to an ordinance enacted on September 16,1992, and published at pages 20584-20588 ofthe Journal ofthe Proceedings ofthe City Council (the "Journal of Proceedings") of that date, authorized DPD to provide Multi-Program financing in the aggregate amount of $568,000 (the "Loan") for the acquisition and rehabilitation of a building (the "Building") located at 4156-60 West Madison Street/1-15 North Keeler Avenue, in Chicago, Illinois, which contains 6 commercial spaces and 18 residential dwelling units (the "Project"); and
WHEREAS, Foster Enterprises, Inc., an Illinois corporation (the "Borr...
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