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Record #: O2013-5427   
Type: Ordinance Status: Passed
Intro date: 6/26/2013 Current Controlling Legislative Body: Committee on Finance
Final action: 7/24/2013
Title: Amendment of loan agreement with Montclare Senior Residences of Avalon Park Phase II, LLC
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2013-5427.pdf
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, on June 5, 2013, the City Council of the City adopted an ordinance authorizing the making of a loan to Montclare Senior Residences: of Avalon Park Phase II, LLC, an Illinois limited liability company (the "Borrower"), in an amount not to exceed $7,150,000 (the "Loan Ordinance"); and
WHEREAS, the City's Department of Housing and Economic Development and the Borrower desire to amend Exhibit A to the Loan Ordinance to increase the maximum interest rate of the Permanent Senior Loan; now, therefore,

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The above recitals are expressly incorporated in and made a part of this ordinance as though fully set forth herein.
SECTION 2. Exhibit A to the Loan Ordinance is hereby amended by increasing the maximum interest rate of the Permanent Senior Loan with Developers Mortgage Corporation (or another source acceptable to the Authorized Officer, as such term is defined by the Loan Ordinance) from four and five-tenths percent per annum to six and five-tenths percent per annum, or another interest rate acceptable to the Authorized Officer. The remainder of the Loan Ordinance shall remain in full force and effect. Exhibit A, as amended by this ordinance, is attached hereto.
v.*
SECTION 3. To the extent that any ordinance, resolution, rule, order or provision of the Municipal Code of Chicago, or part thereof, is in conflict with the provisions of this ordinance, th...

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