Office of the City Clerk - Record #: O2016-7752

• Record #: O2016-7752
• Type: Ordinance
• Status: Passed
• Intro date: 10/5/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/1/2016
• Title: Issuance of Multi-Family Housing Revenue Note (East Park Apartments), Series 2016 for rehabilitation and redevelopment of property at 3300 W Maypole Ave
• Sponsors: Emanuel, Rahm

Date	Journal Page Number	Action By	Action	Result
11/8/2016		City Council	Signed by Mayor
11/1/2016	34698	City Council	Passed	Pass
10/31/2016		Committee on Finance	Recommended to Pass	Pass
10/5/2016	32533	City Council	Referred

ORDINANCE


WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, the City of Chicago (the "City") is a home rule unit of local government and, as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, as a home rule unit and pursuant to the Constitution, the City is authorized and empowered to issue multi-family housing revenue obligations for the purpose of financing the cost of the acquisition, construction, renovation, rehabilitation, development, and equipping an affordable multi-family housing facility for low income families located in the City ("Multi-^ Family Housing Financing"); and

WHEREAS, East Park Limited Partnership is in title to the property commonly known as East Park Apartments, located at 3300 West Maypole Avenue, Chicago, Illinois, which is legally defined in Exhibit F attached hereto (subject to final title commitment and survey, the "Property"); and

WHEREAS, the Property is an existing affordable residential single room occupancy building with a total of 153 single room occupancy units consisting of 152 residential low income units, one one-bedroom residential manager-occupied unit and 21 parking spaces originally developed by East Park Limited Partnership, lo provide low income residents rental apartment units; and

WHEREAS, East Park Redevelopment Limited Partnership, an Illinois limited partnership (the "Borrower") has proposed to purchase the Property from the East Park Limited Partnership to substantially rehabilitate and redevelop as per the below-defined Project; and

WHEREAS, by Resolution Number 16-CDC-17, adopted by the Community Development Commission ("CDC") upon the recommendation of the City's Department of Planning and Development ("DPD"), recommended that the City Council of the City of Chicago ("City Council") designate The Habitat Company LLC, and/or its related entity, as the developer (the "Developer") for the rehabilitat...