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This record contains private information, which has been redacted from public viewing.
Record #: O2017-3051   
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 Harvest Homes Apartment, LP at 3520-3524 W Fifth Ave, 3528-3532 W Fifth Ave, 3540-3542 W Fifth Ave, 318-322 S St. Louis Ave and Latin United Community Housing Assn., at 1802 N Sawyer Ave, 1808 N Kedzie Ave, 1810 N Kedzie Ave, 1421 N Artesian Ave and 2572 W Palmer Ave
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Loan & Security, - PROPERTY - Sale
Attachments: 1. O2017-3051.pdf, 2. O2017-3051 (V1).pdf
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, 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, certain City funds derived from the proceeds ofthe City of Chicago General Obligation Bonds Project and Refunding, Series 2017A, or from other sources are available and have been previously appropriated by the City Council for City public improvements and infrastructure work (the "Infrastructure Funds"); and

WHEREAS, the City Council has authorized the making of a loan to Harvest Homes Apartments, L.P., an Illinois limited partnership ("Harvest Homes") to finance a portion ofthe costs of developing multifamily housing projects located generally at 3520-3524 West Fifth Avenue, 3528-3532 West Fifth Avenue, 3540-3542 West Fifth Avenue, and 318-22 South St. Louis Avenue, all in Chicago, Illinois (the "Harvest Homes Project"), and the City, wishing to realize efficiencies resulting from Harvest Homes' mobilization on the project site, wishes to reimburse The People's Community Development Association of Chicago, an Illinois not-for-profit corporation which is affil...

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