Office of the City Clerk - Record #: O2018-2344

• Record #: O2018-2344
• Type: Ordinance
• Status: Passed
• Intro date: 3/28/2018
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/18/2018
• Title: Loan restructuring for Bethel New Life, Inc., regarding transfer of property at 4318-4320 W Madison St to Conner Investment Group LLC for provision of residential housing, commercial office space and athletic facilities
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
4/18/2018	75171	City Council	Passed	Pass
4/16/2018		Committee on Finance	Recommended to Pass
3/28/2018	72076	City Council	Referred

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...