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 of the City; 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 to Halsted Limited Partnership, an Illinois limited partnership (the "Borrower"), with Halsted GP LLC, an Illinois limited liability company (of which Heartland Housing, Inc., an Illinois not-for-profit corporation and Center on Halsted, an Illinois not-for-profit corporation, are the sole members) is the sole general partner, in an amount not to exceed $5,000,000 (the "Loan"), to be funded from Multi-Family Program Funds pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof;
WHEREAS, the City is the owner of a parcel of land (the "City Parcel") located at 3600 North Halsted Street, Chicago, upon which sits a building ("Building"), and the Public Building Commission of Chicago ("PBC") is the owner of a parcel of land (the "PBC Parcel") located at 3616 North Halsted Street, Chicago (the City Parcel, PBC Parcel and Building together a...
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