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Record #: O2013-4996   
Type: Ordinance Status: Passed
Intro date: 6/26/2013 Current Controlling Legislative Body: Committee on Finance
Final action: 7/24/2013
Title: Loan and redevelopment agreement with Lake Street Studios LP and Interfaith Housing Development Corporation for acquisition and construction of affordable multi-story building at 727 W Lake St
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2013-4996.pdf
WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, the City of Chicago (the "City") is a home rule unit of local government and as such may exercise any power and perform any function pertaining b its government and affairs; and
WHEREAS, by this Ordinance, the City Council has determined that it is necessary and in the best interests of the City to provide certain financing to Lake Street Studios Limited Partnership (the "Borrower"), an Illinois limited partnership, the general partner of which is Lake Street Studios LLC, an Illinois limited liability company ("General Partner"), to pay a portion of the costs of acquiring and constructing the Lake Street Studios (the "Development'), an affordable housing development consisting of approximately 61 units in a multi-story building located at 727 West Lake Street in Chicago, 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 ("DHED"); and

WHEREAS, DHED has preliminarily reviewed and approved the making of a loan to the Borrower in an amount not to exceed $4,100,000 (the "Affordable Housing Loan") for purposes of funding a portion of the Development, 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; and
WHEREAS, the Development will also be financed with proceeds of Additional Financing as outlined in Exhibit A hereto; and
WHEREAS, under ordinances adopted on March 23, 1989, and published in the Journal of Proceedings (the "Journal") of the City Council of...

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