Office of the City Clerk - Record #: O2014-6825

• Record #: O2014-6825
• Type: Ordinance
• Status: Passed
• Intro date: 9/10/2014
• Current Controlling Legislative Body: Committee on Finance
• Final action: 10/8/2014
• Title: Redevelopment agreement with Kedzie Partners LP for acquisition of property and construction of building at 4054 N Kedzie Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
10/8/2014	91420	City Council	Passed	Pass
10/6/2014		Committee on Finance	Recommended to Pass	Pass
9/10/2014	86797	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 10, 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 ordinance authorizing the execution of a multi-family loan agreement for Kedzie Partners, LP.

Your favorable consideration of this ordinance will be appreciated.

Mayor



Very truly yours,

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, 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 Planning and Development ("DPD"); and

WHEREAS, DPD has preliminarily reviewed and approved the making of a loan to Kedzie Partners, LP, an Illinois limited partnership (the "Borrower"), of which Kedzie Senior Partners GP, LLC, an Illinois limited liability company (of which Kedzie Investors, L.L.C., an Illinois limited liability company (of which G&A Construction and Development, Inc., an Illinois corporation, and Theris Gabinski are the sole members) is the sole member) is the sole general partner, in an amount not to exceed $4,000,000 (the "Loan"), to be funded from Mu...