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Record #: O2016-2673   
Type: Ordinance Status: Passed
Intro date: 4/13/2016 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 6/22/2016
Title: Amendment of ordinance to approve application of 2015 ARO Project and authorize Housing Assistant Payment Contract modifications
Sponsors: Burnett, Jr., Walter
Topic: PROPERTY - Miscellaneous
Attachments: 1. O2016-2673.pdf


WHEREAS, pursuant to an ordinance (the "Ordinance") adopted by the City Council (the "City Council") of the City of Chicago (the "City") on February 5,2014, and published at pages 74094 through 74098 in the Journal of the Proceedings of the City Council of the City of Chicago ("Journal") of such date, 625 W. Division, LLC (the "Developer"), whose offices are located at 1477 NW Everett Street, Portland, OR 97209, purchased a vacant parcel of property (the "Former City Property") from the City to use in perpetuity as landscaped open space for the benefit of certain property adjacent to the Former City Parcel (the "Adjacent Property") owned by the Developer and located at 625 West Division Street, Chicago, Illinois; and
WHEREAS, the Former City Property and the Adjacent Property (collectively, the "Project Site") are located in Planned Development Number 1018 established pursuant to ordinance adopted by the City Council on June 28, 2006, and published in the Journal for such date at pages 79865 through 79881, as amended ("PD 1018"); and

WHEREAS, pursuant to PD 1018, the Developer has constructed a mixed-use building, with 240 rental units, approximately 8,000 square feet of retail use and the landscaped open space (the "Project") on the Project Site; and

WHEREAS, the Project is a "residential housing project" within the meaning of Section 2-45-110 of the Municipal Code (the "2007 ARO") and Section 2-45-115 of the Municipal Code (the "2015 ARO"); and

WHEREAS, pursuant to the 2007 ARO and the 2015 ARO, the City requires any developer of a "residential housing project" receiving land from the City ("Acquisition Assistance"), financial assistance or certain types of zoning approval to satisfy certain affordable housing obligations; and

WHEREAS, the sale of the Former City Property by the City to the Developer constituted Acquisition Assistance; and

WHEREAS, because the 2015 ARO was not in effect at the time of the adopt...

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