Office of the City Clerk - Record #: O2020-5756

• Record #: O2020-5756
• Type: Ordinance
• Status: Passed
• Intro date: 11/16/2020
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 12/16/2020
• Title: Loan agreement with North Park Village LP, and associated ground lease agreement with EHDOC North Park Village Charitable Corp. for rehabilitation of portion of North Park Campus as affordable elderly housing at Building H, 5801 N Pulaski Rd
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Lease, - AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
12/16/2020	25273	City Council	Passed	Pass
12/8/2020		Committee on Housing and Real Estate	Recommended to Pass
11/16/2020	22378	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

November 16, 2020










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


Ladies and Gentlemen:

At the request of the Commissioner of Housing, I transmit herewith an ordinance authorizing the execution of a loan agreement and associated assistance for North Park 'Villa apartments. i

Your favorable consideration of this ordinance will be appreciated.


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 is the owner of fee simple title of the real property located in the City of Chicago and known as 5801 North Pulaski Road (the "Campus"); 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 Housing ("DOH"); and

WHEREAS, DOH has preliminarily reviewed and approved the making of a loan to EHDOC North Park Village Limited Partnership, an Illinois limited partnership (the "Borrower"), of which NPVA GP LLC, an Illinois limited liability company is the general partner (the "General Partner"), in an amount not to exceed $3,815,000.00 (the "Loan"), to be funded from Multi-Family Program Funds pursua...