Office of the City Clerk - Record #: O2014-1646

• Record #: O2014-1646
• Type: Ordinance
• Status: Passed
• Intro date: 3/5/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/2/2014
• Title: Loan modification and subordination agreement for Diversey Square II regarding acquisition and rehabilitation of building at 3212-3226 West Diversey Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
4/7/2014		City Council	Signed by Mayor
4/2/2014	76731	City Council	Passed	Pass
3/31/2014		Committee on Finance	Recommended to Pass	Pass
3/5/2014	75219	City Council	Referred

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CHICAGO April 2. 2014
To the President and Members of the City Council:
Your Committee on Finance having had under consideration
An ordinance authorizing the Commissioner of the Department of Planning and Development to modify a loan agreement with Diversey Square Associates, LLP.
02014-1646














Having had the same under advisement, begs leave to report and recommend that your Honorable Body pass the proposed Ordinance Transmitted Herewith

This recommendation was concurred in by - (a(viva voce vote^)
of members of the committee with dissenting vote(sp



Respectfully submitted

(signed^—'

Chairman
Document No.




REPORT OF THE COMMITTEE ON FINANCE TO THE CITY COUNCIL CITY OF CHICAGO
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
March 5, 2014










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith an ordinance authorizing the execution of a loan modification and subordination agreement for Diversey Square II.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
O R D I N A N C E

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois and as such may legislate as to matters which pertain to its local government aid affairs; and

WHEREAS, the City Council of the City (the "City Council") has determined that the continuance of a shortage of rental housing affordable to persons of low and moderateincome is harmful to the health, prosperity, economic stability and general welfare of the City; and

WHEREAS, the City programmed Multi-Unit Rehabilitation Assistance Program ("Multi-Program") funds whereby acquisition and rehabilitation loans were made available to owners of rental properties containing five or more dwelling units located in low- and moderate-income areas, an...