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Record #: O2021-790   
Type: Ordinance Status: Passed
Intro date: 2/24/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 3/24/2021
Title: Restructuring agreement of mortgage, note and federal HOME Investment Partnership Program from original borrower, C & F 89th & Loomis Joint Venture to new owner, Brainerd Senior LLC for property at 8901-8925 S Loomis Ave
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Miscellaneous
Attachments: 1. O2021-790.pdf, 2. O2021-790 (V1).pdf

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 that pertain to its local government and affairs; and

WHEREAS, the City has determined that the continuance of a shortage of affordable housing for persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare ofthe City; and

WHEREAS, the City, pursuant to the HOME Investment Partnership Program ("HOME Program"), received from the United States Department of Housing and Urban Development an allocation of funds ("HOME Funds") to make loans and grants to expand the long-term supply of affordable housing through, among other things, acquisition, new construction, reconstruction and moderate and substantial rehabilitation in low- and moderate-income areas; and

WHEREAS, on January 28, 2000, the City made a loan of HOME Funds in the principal amount of $1,837,846, with an interest rate of zero percent per annum and a term not to exceed 30 years (the "Loan"), to 89th & Loomis Limited Partnership, an Illinois limited partnership ("Original Borrower"); and

WHEREAS, the City made the Loan to the Original Borrower on or about January 28, 2000 as evidenced by that certain Housing Loan Agreement (the "City Loan Agreement") dated as of January 28, 2000, the Loan being secured by, among other things, that certain Junior Mortgage, Security Agreement and Financing Statement dated as of January 28, 2000, made by the Original Borrower in favor of the City (the "Mortgage"), and which is further evidenced by that certain Note dated as of January 28, 2000 made by the Original Borrower in favor of the City in the original principal amount ofthe Loan (the "Note"), that certain Regulatory Agreement executed by Original Borrower on January 28, 2000 (the "Regulatory Agreement") and that certain Assignment of Rents and Leases executed b...

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