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This record contains private information, which has been redacted from public viewing.
Record #: SO2017-5403   
Type: Ordinance Status: Passed
Intro date: 6/28/2017 Current Controlling Legislative Body: Committee on Finance
Final action: 7/26/2017
Title: Loan agreement with Marshall 1232 LLC for residential and multi-family housing
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Miscellaneous
Attachments: 1. SO2017-5403.pdf, 2. O2017-5403.pdf
SUBSTITUTE 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 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 housin'g 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, Marshall 1232 LLC, an Illinois limited liability company ("Borrower") the co-managers and members of which are Marshall-Michaels LLC, an Illinois limited liability company, and Better Tomorrows-Marshall LLC, an Illinois limited liability company (of which Michaels Community Services Corporation d/b/a Better Tomorrows, a New Jersey not-for-profit corporation, is the sole member or owner), owns or will acquire real property commonly known as 1232 N. LaSalle Drive, Chicago, Illinois (the "Property"); and

WHEREAS, DPD has preliminarily reviewed and approved the making of a loan to Borrower in an amount not to exceed $5,026,384 (the "Loan"), to be funded from Multi-Family Program Funds, and not from the proceeds of tax-exempt bonds or governmental obligations, pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof, which Borrower shall utilize to help construct and develop the affordable housing Project (as de...

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