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 settlement regarding debt relating to Maiden Place Apartments.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII ofthe 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 has determined that the continuance of a shortage of affordable housing 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 received certain funds from the United States Department of Housing and Urban Development to make loans and grants to expand the long-term supply of affordable housing through, among other things, acquisition, new construction, reconstruction and moderate and substantial rehabilitation in low- and moderate-income areas; and
WHEREAS, the City has made a loan in the total principal amount of 2,194,227 with an interest rate of two percent (2%) per annum (the "Loan") to Maiden Place Limited Partnership, an Illinois limited partnership ("Borrower"), the general partner of which is 4520 N. Maiden, Inc., an Illinois corporation ("General Partner") pursuant to an ordinance passed by the City Council of the City on October 2, 1996 which loan consists of two separate advances occurring on (i) December 9, 1996, in the original principal amount of $2,104,227 (the "First Loan") and (ii) March 18, 1999, in the additional principal amount of $90,000 (the "Additional Loan"); and
WHEREAS, the Loan funds were used to provide for the acquisition of real property and ...
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