Office of the City Clerk - Record #: O2018-8238

• Record #: O2018-8238
• Type: Ordinance
• Status: Passed
• Intro date: 10/31/2018
• Current Controlling Legislative Body: Committee on Finance
• Final action: 11/14/2018
• Title: Loan restructuring agreement with Midwest Limited Partnership and Holsten Real Estate Development Corp, GP for 6 N Hamlin St and 3826-3834 W Madison St
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Miscellaneous

Date	Journal Page Number	Action By	Action	Result
11/26/2018		Office of the Mayor	Signed by Mayor
11/14/2018	90680	City Council	Passed	Pass
11/13/2018		Committee on Finance	Recommended to Pass
10/31/2018	86022	City Council	Referred

ORDINANCE


WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe 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 ofthe 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 of Planning and Development ("DPD"); and
WHEREAS, Midwest Limited Partnership, an Illinois limited partnership (the "Borrower") of which Holsten Real Estate Development Corporation, an Illinois corporation is the general partner is the owner of that certain real property located at 6 North Hamlin Street and 3826- 3834 West Madison Street, in Chicago, Illinois consisting of a 14-story SRO building and improvements therein (the "Property");- and

WHEREAS, legal title to the Property is held by Chicago Title Land Trust Company, as successor trustee to LaSalle National Trust, N.A., pursuant to a trust agreement dated December 9, 1994, and known as Trust No. 119238, the sole beneficiary of which trust is the Borrower; and

WHEREAS, on November 10, 1994, the City Council of the City enacted an ordinance published in the Journal ofthe Proceedings ofthe City Council ofthe City for such date at pages 59343 through 59348 inclusive, as amended by an ordinance enacted by the City Council of the City on May 17,1995 published in the Journal of the Proceedings of the City Council of the City...