OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
June 25, 2014
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe Commissioner of Planning and Development, I transmit herewith ordinance authorizing a loan subordination for Lazarus, LP.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
ORDINANCE
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 and affairs; and
WHEREAS, the City has determined that the continuance of a shortage of affordable housing to persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, the City received certain funds from the United States Department of Housing and Urban Development to make loans and grants to expand the long-term supply of affordable housing through, among other things, acquisition, new construction, reconstruction and moderate and substantial rehabilitation in low- and moderate-income areas; and
WHEREAS, on May 4, 1994, the City Council of the City authorized the making of a loan to Lazarus Limited Partnership, an Illinois limited partnership (the "Borrower") in the principal amount of $1,430,500, with an interest rate of zero percent per annum and a term not to exceed 32 years (the "Loan"); and
WHEREAS, on or about September 21, 1994, the City made the Loan to the Borrower;
and
WHEREAS, the Loan was secured by, among other things, that certain Junior Mortgage Security Agreement and Financing Statement dated as of September 21, 1994, made by the Borrower in favor ofthe City (the "Mortgage"); and
WHEREAS, the proceeds of the Loan were used to provide for the rehabilitation by the Borrower of two buildings located generally at 1857-67 South Pulaski R...
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