OFFICE OF THE MAYOR
CITY OF CHICAGO
RAH M EMANUEL
MAYOR
March 28, 2018
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 an agreement regarding debt associated with property located at 4320 West Madison Street.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
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, on December 3, 1985, the City made a loan in the amount of Six Hundred Forty-Two Thousand Five Hundred and No/100 Dollars ($642,500) (the "1985 Loan") to Living-Learning Associates, an Illinois limited partnership (the "Borrower"), to finance a portion of the costs for the acquisition and rehabilitation a building to construct a low-income affordable residential facility (the "Project") located at 4318-20 West Madison Street in Chicago, Illinois (the "Property"); and
WHEREAS, the City Council of the City, pursuant to an ordinance enacted on December 17, 1985, and published at pages 25005-25008 of the Journal of the Proceedings of the City Council of that date, among other things, to ratified the authority of the Department of Planning and Development ("DPD") to make the 1985 Loan to the Project; and
WHEREAS, on February 23, 1987, the City made an additional loan in the amount of Twenty-Eight Thousand and No/100 Dollars ($28,000) (the "1987 Loan, coliectiveiy, hereinafter with the 1985 Loan, the "Loans") to the Borrower to finance a portion of the costs for the Project; and
WHEREAS, the 1985 Loan was evidenced by that certain No...
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