Office of the City Clerk - Record #: O2018-5867

• Record #: O2018-5867
• Type: Ordinance
• Status: Passed
• Intro date: 6/27/2018
• Current Controlling Legislative Body: Committee on Finance
• Final action: 7/25/2018
• Title: Redevelopment agreement with Montclare Calumet Heights LLC and associated multi-family loan for acquisition and development of senior independent living facility at 9401 S Stony Island Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
8/1/2018		Office of the Mayor	Signed by Mayor
7/25/2018	81511	City Council	Passed	Pass
7/23/2018		Committee on Finance	Recommended to Pass
6/27/2018	79168	City Council	Referred

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 housing and to expand the long-term supply of affordable housing, and such Multi-Family Program Funds are administered by the City's Department Planning and Development ("DPP"); and

WHEREAS, DPD has preliminarily reviewed and approved the making of a loan to Montclare Calumet Heights, LLC, an Illinois limited liability company (the "Borrower") whose manager is Montclare Calumet Heights Manager, LLC, an Illinois limited liability company, whose manager member is Montclare Calumet Heights MM Corp., an Illinois corporation, in an amount not to exceed $9,526,525 (the "Loan"), to be funded from Multi-Family Program Funds pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof; and

WHEREAS, pursuant to an ordinance adopted by the City Council ("City Council") of the City of Chicago (the "City") on June 10,1998 and published at pages 70203-70340 of the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project for the Stony Island Avenue Commercial and Burnside Industrial Corridor Redevelopment Project Area (the "Area") was approved pursuant to the Illinois...