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Record #: O2013-2537   
Type: Ordinance Status: Passed
Intro date: 5/8/2013 Current Controlling Legislative Body:
Final action: 6/5/2013
Title: First amendment to redevelopment agreement with Sheldon Heights Church of Christ
Sponsors: Austin, Carrie M.
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2013-2537.pdf
CITY COUNCIL MEETING April 10,2013


ORDINANCE



WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City ofChicago (the "City") on July 9, 2008 and published at pages 33301-33305 of the Journal of Proceedings of the City Council of such date, the City and the Sheldon Heights Church of Christ (the "Not For Profit Agency"), an Illinois not for profit corporation, entered into that certain agreement for the sale and redevelopment of land dated November 29, 2008, which was recorded with the Recorder of Deeds of Cook County on January 5, 2009 as Document No. 0900545174, pursuant to which the City provided a vacated alley to the Not For Profit Agency for no compensation in connection with the Not For Profit Agency's commitment to construct a senior house complex (the "Project") on property adjacent to the vacated alley; and
WHEREAS, the Agreement provided for certain commencement and completion dates applicable to the Project and also provided for a use restriction for a period of forty (40) years and for the commencement date of such use restriction; and
WHEREAS, due its inability to secure the allocation of low income housing tax credits from the Illinois Housing Development Authority, the Not For Profit Agency was unable to commence construction of the Project by the date required in the Agreement; and
WHEREAS, the Not For Profit Agency is presently working with the City of Chicago's Department of Housing and Economic Development, through which low income housing tax credits will be allocated to the Not For Profit Agency that will allow for the construction of the Project; and
WHEREAS, it remains the intention of both the City and the Not For Profit Agency that the Project be constructed; and
WHEREAS, in order to allow the Project to move forward, it is necessary for the City and the Not For Profit Agency to enter into a First Amendment of the Agreement providing for adjusted construction commencement and completion dates and also pr...

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