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This record contains private information, which has been redacted from public viewing.
Record #: O2019-3424   
Type: Ordinance Status: Introduced
Intro date: 4/10/2019 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Redevelopment and loan agreements with Southbridge9 Master Owner LLC, TCB Development Services and Southbridge 1-9 Housing LLC for residential development at 2350 S State St
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2019-3424.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
K A H. M 1 •; MANU F. L
MAYOR
April 10, 2019










TO THE HONORABLE, I HE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinances authorizing the execution of redevelopment agreements, together with HOME loans, for projects in the 2300 block of South State Street.

Your favorable consideration of these ordinances 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, 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 to Southbridge 9 Master Owner LLC, an Illinois limited liability company (the "Borrower" or the "Master Owner"): the sole member of the Borrower is Ickes Master DeveloperJV LLC, an Illinois limited liability company (the "Master Developer"); the members of the Master Developer are The Community Builders, Inc., a Massachusetts charitable corporation, doing business in Illinois as TCB Illinois NFP, Inc. (...

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