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Record #: O2011-9770   
Type: Ordinance Status: Passed
Intro date: 12/14/2011 Current Controlling Legislative Body: Committee on Finance
Final action: 1/18/2012
Title: Loan agreement and associated tax credits for Lakefront Phase II
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2011-9770.pdf





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 Lakefront Phase II, LLC.
02011-9770

Amount of Loan
not to exceed: $5,000,000














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 (aryiva voce vote
of members of the committee with dissenting vote(s
Alderman Burke abstains from voting pursuant to Rule 14.

(signed




Respectfully submitted
Chairman





Document No.

i


REPORT OF THE COMMITTEE j ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
¦¦ I
EXHIBIT A
BORROWER: Lakefront Phase II, LLC, an Illinois limited liability company, of which
Lakefront Phase II Manager LLC, an Illinois limited liability company (the "Manager") is the manager and others to be hereafter selected as members


PROJECT: Acquisition and construction of 13 buildings located between Lake Park
Avenue to the west, 40th Place to the north, Oakenwald Avenue to the east, and 42nd Place to the south (the "Property") and of approximately 132 dwelling units contained therein as one-,two- and three-bedroom units for low-income, moderate-income and market rate families
LOAN: Source: Multi-Family Program Funds
Amount: Not to exceed $5,000,000
Term: Not to exceed 42 years
Interest: Not to exceed three percent per annum

Security: Non-recourse loan; third mortgage on the Property (the "City Mortgage")


Additional Financing
Construction Loan
Amount: $21,500,000, or such amount as may be acceptable to the Authorized Officer
Term: Not to exceed 30 months
Source: U.S. Bank or another entity acceptable to the Authorized Officer
Interest: A variable interest rate to be calculated at LIBOR plus 275 basis points, or such inter...

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