ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on April 6, 2005, and published at pages 45166-45285 in the Journal of Proceedings of the City Council (the "Journal of Proceedings") of that date, the City through its Department of Planning and Development, or its predecessor department (the "Department"), and New West Kedzie, L.L.C., an Illinois limited liability company (the "Developer"), entered into that certain New West Kedzie, L.L.C. Redevelopment Agreement (the "Redevelopment Agreement"), dated April 11, 2006 and recorded in the Office of the Recorder of Deeds of Cook County, Illinois (the "Office of the Recorder") as Document No. 0610218029 on April 12, 2006; and
WHEREAS, the Developer agreed to construct and sell approximately 102 new residential units on scattered sites in buildings that will include Market-Rate Units and Affordable Units (a minimum of 25% of the total number Market-Rate and Affordable Units) in the Midwest Redevelopment Project Area (the "Project") on the real property generally located between 706-817 South Kedzie Avenue, 905-925 South Kedzie Avenue, and 3207 W. Flournoy Street, Chicago, Illinois 60612; and
WHEREAS, the City agreed to provide the Developer with tax increment financing from the Midwest Redevelopment Area not to exceed $3,500,000 (the "City Funds") and evidenced, in part, by a TIF Note in the principal amount of not to exceed $1,750,000 payable from Available Incremental Taxes, as defined in the Redevelopment Agreement, (the "Original TIF Note"), and subsequently issued the Original Note simultaneous with the execution of the Redevelopment Agreement;
WHEREAS, the Developer obtained financing from PrivateBank and Trust Company ("PrivateBank") to construct the Project and collaterally assigned its interest in the Original TIF Note to PrivateBank to secure such financing;
WHEREAS, subsequently, the Redevelopment Agreement was amended by a certain...
Click here for full text