Office of the City Clerk - Record #: O2021-2186

• Record #: O2021-2186
• Type: Ordinance
• Status: Passed
• Intro date: 5/26/2021
• Current Controlling Legislative Body: Committee on Finance
• Final action: 6/25/2021
• Title: Loan restructuring agreement with Prairie Park Limited Partnership for capital improvements, rehabilitation and equipping of low- and moderate-income housing at 5521 S Prairie Ave, 5537 S Prairie Ave, 317 E 55th Pl, 5600 S Calumet Ave and 5612-5620 S Calumet Ave
• Sponsors: Lightfoot, Lori E.

Date	Journal Page Number	Action By	Action	Result
6/29/2021		City Council	Signed by Mayor
6/25/2021	31575	City Council	Passed	Pass
6/21/2021		Committee on Finance
5/26/2021	30290	City Council	Referred

ORDINANCE


WHEREAS, the City of Chicago ("City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the 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 received from the United States Department of Housing and Urban Development an allocation of funds pursuant to the HOME Investment Partnerships Program ("HOME Funds") and pursuant to Title XIII of the Omnibus Budget Reconciliation Act of 1993 (Public Law 103-66) ("Economic Empowerment Zone 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, pursuant to an ordinance passed by the City Council of the City ("City Council") on February 10, 1999, and published at pages 88938 through and including 88946 of the Journal ofthe Proceedings ofthe City Council ("Journal of Proceedings") of that date, the City authorized the Department of Housing ("DOH") to make a loan of HOME Funds and Economic Empowerment Zone Funds to the Borrower; and

WHEREAS, on July 28, 1999, DOH made a loan of HOME Funds and Economic Empowerment Zone Funds in the aggregate principal amount of $3,113,000 with an interest rate of zero percent per annum and a term not to exceed 22 years ("City Loan"), with a maturity date of July 1, 2020 ("City Loan Maturity Date"), to Prairie Park Limited Partnership, an Illinois limited partnership ("Borrower"); and

WHEREAS, the City Loan is secured by, among other things, that certain Junior Mortgage, Security Agreement and Financing Statement dated as of July 28, 1999 , made by ...