OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
October 3, 2012
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 a loan pursuant to the Neighborhood Stabilization Program 2, for Rosenwald Courts.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
S:\SHARED\Finance\Rosenwald
Courts\NSP Ordinance\ord 6.doc
ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe State of Illinois; 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 and Economic Development ("HED"); and
WHEREAS, HED has preliminarily reviewed and approved the making of a loan of Multi-Family Program Funds (the "Loan") to either The Burton Foundation, an Illinois not-for-profit corporation (or an entity affiliated therewith) (collectively, "Burton"), or to Rosenwald Courts Apartments, LP, an Illinois limited partnership (or an entity affiliated therewith) (collectively, "Rosenwald") (Burton or Rosenwald, as applicable, the "Borrower"), to finance the acquisition of a building and land located at 4600 South Michigan Avenue, Chicago, Illinois (the "Property"); and .
WHEREAS, HED is seeking authorization to make the Loan to the Borrower with the following terms: (1) the amount of the Loan shall not exceed $5,000,000, (2) the term of the Loan shall not exceed 44 years, (3) the interest rate on the ...
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