Record #: SO2012-5661   
Type: Ordinance Status: Passed
Intro date: 9/12/2012 Current Controlling Legislative Body: Committee on Finance
Final action: 10/3/2012
Title: Loan and conveyance to Senior Suites Chicago Midway Village for construction of affordable rental units for independent seniors
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2012-5661.pdf, 2. SO2012-5661.pdf
S:\SHARED\Finance\SeniorSuites Midway Village\Ordinance\substitute ordinance 1.doc

SUBSTITUTE 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 ofthe City; and

WHEREAS, the City is the owner of the real property commonly known as 6730-6810 South Keating Avenue, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"); and

WHEREAS, pursuant to the Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1 et seq., as amended from time to time (the "Act"), and ordinances adopted by the City Council of the City (the "City Council") on October 2, 2002 and published in the Journal of the Proceedings of the City Council of such date at pages 94203 through 94270, the City Council approved a tax increment financing redevelopment plan and project (the "Plan") for the 67th/Cicero Redevelopment Project Area (the "Area"), designated the Area as a redevelopment project area under the Act, and adopted tax increment financing under the Act for the Area; and

WHEREAS, the Property is located in the Area; and

WHEREAS, Senior Suites Chicago Midway Village, LLC, is an Illinois limited liability company (the "Developer"), of which Senior Suites Chicago Corporation, an Illinois corporation, is the sole member, and whose offices are located at 111 East Wacker Drive, Suite 2200, Chicago, Illinois, 60601; and

WHEREAS, the Developer desires to purchase the Property from the City for its appraised value of One Million One Hundred Th...

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