This record contains private information, which has been redacted from public viewing.
Record #: O2015-7312   
Type: Ordinance Status: Passed
Intro date: 9/24/2015 Current Controlling Legislative Body: Committee on Finance
Final action: 10/14/2015
Title: Loan restructuring for South Shore Acquisition LLC associated with rehabilitation of residential building at 1312 E 62nd St
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2015-7312.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 24, 2015









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 a loan assumption and modification for South Shore Acquisition, LLC.

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 an allocation of funds 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 June 23,1993, the City Council of the City authorized the making of a loan to Covenant Development Corporation, an Illinois not-for-profit corporation ("Original Borrower") in the principal amount of $288,418, with an interest rate of three percent per annum and a term not to exceed 32 years (the "Original City Loan"); and

WHEREAS, on or about February 8, 1994, the City made the Original City Loan to the Borrower; and

WHEREAS, the Original City Loan was secured by, among other things, that certain Junior Mortgage Security Agreement and Financing Statement dated as of February 8, 1994, made by the Original Borrower in favor of the City, (the "Second Mortgage"); and

WHEREAS, proc...

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