< !
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
October 11,2017
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 an ordinance authorizing the execution of a loan modification and subordination agreement for Stone Terrace LP.
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 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 has received certain funds from various sources to make loans and grants to expand the long-term supply of affordable housing through, among other things, the financing of acquisition, new construction, reconstruction and moderate and substantial rehabilitation of residential dwelling units for low and moderate income families and persons, which such funds are administered on behalf of the City by its Department of Planning and Development ("DPD"); and
WHEREAS, on December 13, 2000, the City Council of the City enacted an ordinance published in the Journal of the Proceedings of the City Council of the City for such date at pages 47431 through 47685, inclusive, pursuant to which the City (i) issued multi-family housing revenue bonds in two series (the "Bonds"), and (ii) made a loan in the principal amount of $4,100,000 (the "Loan") to Stone Terrace Partners, L.P., an Illinois limited partnership (the "Borrower"), of which Stone Terrace Management Company, LLC, an Illinois limited liability company, is the sole gene...
Click here for full text