Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
Record #: O2016-3325   
Type: Ordinance Status: Passed
Intro date: 4/13/2016 Current Controlling Legislative Body: Committee on Finance
Final action: 5/18/2016
Title: Restructuring of City loans for Senior Suites Chicago Corp.
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2016-3325 (V1).pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR


April 13,2016









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 a restructuring of City loans for Senior Suites Chicago Corp.

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 ofthe City; and

WHEREAS, pursuant to ordinances (each an "Ordinance") enacted by the City Council ofthe City (the "City Council") on the dates listed in Exhibit A hereto and published in the Journal of Proceedings of the City Council for such dates at the pages listed on Exhibit A hereto, the City has previously made certain loans (the "City Loans") in the original principal amounts listed in Exhibit A hereto to certain affiliates of Senior Suites Chicago Corporation, an Illinois corporation ("Senior Suites") (such affiliates of Senior Suites, the "Borrowers"), for the acquisition and/or construction of apartment buildings located at the addresses listed in Exhibit A hereto and of dwelling units contained therein for low- and moderate-income senior citizens (the "Projects"); and
WHEREAS, the City Loans are secured by the junior mortgages on the Projects listed in Exhibit A hereto (the "City Mortgages"); and
WHEREAS, the Department of Planning and Development ("DPD") has approved restructurings of the City Loans (the "Res...

Click here for full text