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Record #: O2017-3050   
Type: Ordinance Status: Passed
Intro date: 3/29/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 4/19/2017
Title: Sale of City-owned property to and multi-family loan agreement with Montclare Englewood LLC at northwest corner of W 64th St and S Green St
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Loan & Security, - PROPERTY - Sale
Attachments: 1. O2017-3050.pdf, 2. O2017-3050 (V1).pdf

WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe 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 of the City; and

WHEREAS, the City has certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans and grants for the development of multi-family residential housing to increase the number of families served with decent, safe, sanitary and affordable housing and to expand the long-term supply of affordable housing, and such Multi-Family Program Funds are administered by the City's Department of Planning and Development ("DPD"): and
WHEREAS, DPD has preliminarily reviewed and approved the making of a loan to Montclare Englewood, LLC, an Illinois limited liability company (the "Borrower") whose manager is Montclare Englewood Manager, LLC, an Illinois limited liability company (the "Manager"), whose managing member is Montclare Englewood MM Corp., an Illinois corporation ("Montclare Corp.") in an amount not to exceed $6,600,000 (the "Loan"), to be funded from Multi-Family Program Funds pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof; and
WHEREAS, the City has established the Community Development Commission ("CDC") to, among other things, designate redevelopment areas, approve redevelopment plans, and recommend the sale of parcels located in redevelopment areas, subject to the approval of the City Council; and

WHEREAS, the City desires to convey five (5) vacant, City-owned parcels of real property (collectively, the "Property"), which are legally desc...

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