Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
Record #: O2017-4948   
Type: Ordinance Status: Passed
Intro date: 6/28/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 7/26/2017
Title: Restructuring of land sale, transfer and loan assumption of Woodlawn East Community and Neighbors, Inc. (WECAN)
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Transfer
Attachments: 1. O2017-4948 (V1).pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
June 28,2017










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 land sale, transfer and loan assumption for WECAN.

Your favorable consideration of this ordinance will be appreciated.

Very truly yours,

Mayor
ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois and as such may legislate as to matters which pertain to its local government and affairs; and
WHEREAS, the City Council of the City (the "City Council") has determined that the continuance of a shortage of rental housing affordable to persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, the City programmed HOME Investment Partnership Program ("HOME") funds whereby acquisition and rehabilitation loans were made available to owners of rental properties, and HOME is administered by the City's Department of Planning and Development ("DPD"); and
WHEREAS, the City Council, pursuant to an ordinance enacted on September 15, 1993, and published at pages 37366-37370 of the Journal of the Proceedings of the City Council (the "Journal of Proceedings") of that date, authorized DPD to provide HOME financing in the amount of $2,069,601 (the "Johnson Loan") for the rehabilitation of a building called the Eddie Mae & Alex Johnson Apartments (the "Johnson Apartment Building") located at 6230 South Dorchester Avenue, in Chicago, Illinois, and the 64 residential dwelling units therein (the "Johnson Project"); and
WHEREAS, Woodlawn East Community and Neighbors, Inc., an Illinois not-for-profit corporation (the "Borrower"), owns the Johnson Apartment Building; and

WHEREAS, in connection with the Johnson Project, the City made th...

Click here for full text