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Record #: O2017-3882   
Type: Ordinance Status: Passed
Intro date: 5/24/2017 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 6/28/2017
Title: Amendment of sale of City-owned property and multi-family loan agreement with Brainerd Park Apartments LP at 8902-8956 S Loomis St
Sponsors: Brookins, Jr., Howard
Attachments: 1. O2017-3882.pdf, 2. O2017-3882 (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 Council of the City on April 19, 2017, passed that certain ordinance ("Ordinance") relating to the making of a loan to Brainerd Park Apartments Limited Partnership, an Illinois limited partnership (the "Borrower"), of which Brainerd Park GP, LLC, an Illinois limited liability company, is the sole general partner (of which Full Circle Communities, Inc., an Illinois not-for-profit corporation ("FCC"), is the managing member and Christian Community Health Center, an Illinois not-for-profit corporation, is a member), in an amount not to exceed $1,900,000 (the "Loan"), to be funded from Multi-Family Program Funds, as more specifically set forth in the Ordinance; and

WHEREAS, the Ordinance authorized the City's conveyance to FCC of twelve vacant, City-owned parcels of real property commonly known as 8902-8956 South Loomis Street, Chicago, Illinois (the "City Property"), for immediate reconveyance to the Borrower; and

WHEREAS, the Ordinance set forth certain conditions precedent to the City's closing on the conveyance ofthe City Property, including the requirement in paragraph 4 of Section 5(viii) ofthe Ordinance that FCC obtain a draft No Further Remediation from the Illinois Environmental Protection Agency; and

WHEREAS, FCC has proposed, and the City's Department of Planning and Development has agreed, that in order to facilitate the timely closing of the conveyance of the City Property, the City will not require a draft no further remediation letter as a condition to the closing, but rather require receipt ofthe Illinois Environmental Protection Agency's approval ofthe Comprehensive Site Invest...

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