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This record contains private information, which has been redacted from public viewing.
Record #: O2018-8763   
Type: Ordinance Status: Passed
Intro date: 10/31/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 11/14/2018
Title: Amendment of sale of City-owned property, multi-family loan agreement and redevelopment agreement with Montclare Englewood LLC related to construction of independent senior living facility at 6320-6352 S Green St and 832-848 W 64th St
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2018-8763.pdf, 2. O2018-8763 (V1).pdf
ORDINANCE


WHEREAS, the City of Chicago (the "Citv"), a home rule unit of government under Section 6(a), Article VII ofthe 1970 Constitution ofthe 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 of Planning and Development ("DPD"): and

WHEREAS, DPD has preliminarily reviewed and approved the making of a loan and the sale of certain real property located at 6320-52 S. Green Street and 832-48 W. 64th Street, Chicago, Illinois (the "Property") to Montclare Englewood, LLC, an Illinois limited liability company (the "Borrower") whose manager is Montclare Englewood Manager, LLC, an Illinois , limited liability company (the "Manager"), whose managing member is Montclare Englewood MM Corp., an Illinois corporation ("Montclare Corp.") in an amount not to exceed $6,600,000 (the "Loan"), to be funded from Multi-Family Program Funds; and

WHEREAS, the Property is located in the Englewood Neighborhood TIF Redevelopment Project Area and the Borrower desires to develop and construct a new seven-story independent living residential facility for seniors on the Property providing 102 housing residential units, including affordable housing units (the "Project") and

WHEREAS, the City Council, pursuant to an ordinance (the...

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