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This record contains private information, which has been redacted from public viewing.
Record #: O2018-8859   
Type: Ordinance Status: Passed
Intro date: 10/31/2018 Current Controlling Legislative Body: Committee on Finance
Final action: 11/14/2018
Title: Multi-Family Program Funds loan to Greenwood Park Preservation Associates LP for acquisition, renovation and financing of existing residential development at 4700-4710 S Greenwood Ave, 1007-1053 and 1101-1157 E 47th St and 4701-4711 S Ellis Ave
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2018-8859.pdf, 2. O2018-8859 (V1).pdf
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 ofthe City; and

WHEREAS, the City has certain funds available from a variety of funding sources ("Multi-Family Program Funds") fo 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 to Greenwood Park Preservation Associates Limited Partnership, an Illinois limited partnership (the "Borrower"), of which POAH Greenwood Park, LLC, an Illinois limited liability company (the "General Partner"), is the sole general partner (of which Preservation of Affordable Housing, Inc., an Illinois not-for-profit corporation ("POAH"), is a member), in an amount not to exceed $2,500,000 (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; now, therefore,

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The above recitals are expressly incorporated in and made a part of this ordinance as though fully set forth herein.

SECTION 2. Upon the approval and availability of the Additional Financing as shown in Exhibit A hereto, the Commissioner of DPD (the "Commissioner") and a...

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