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CHICAGO January 18. 2012 To the President and Members of the City Council: Your Committee on Finance having had under consideration
An ordinance authorizing the Commissioner of the Department of Housing and Economic Development to enter into and execute a Loan Agreement with Sarah's Circle.
02011-9760
Amount of Loan
not to exceed: $ 1,227,790
Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed
Ordinance Transmitted Herewith
This recommendation was concurred in by (a^iva voce vote")
of members of the committee with dissenting vote(s)T
Respectfully submitted
Chairman
Document No.
REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
December 14, 2011
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Housing and Economic Development, I transmit herewith an ordinance authorizing the execution of a loan agreement and associated tax credits for Sarah's Circle.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
i
EXHIBIT A
BORROWER: collectively, Sarah's Circle, an Illinois not-for-profit corporation and/or an affiliate thereof to be formed and controlled thereby
PROJECT:
LOAN:
ADDITIONAL FINANCING:
Acquisition and rehabilitation of a building located at 4836-38 North Sheridan Road in Chicago, Illinois (the "Property") and of approximately 10 residential dwelling units contained therein for low- and moderate-income families (the "Residential Portion"), and of certain common and commercial space therein (the "Commercial Portion")
Source: Multi-Family Program Funds
Amount: Not to exceed $1,227,790
Term: Not to exceed 32 years, or another term acceptable to
the Authorized Officer
Interest: Zero percent per annum or another rate acceptable to
the Authorized Officer
Security: No...
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