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This record contains private information, which has been redacted from public viewing.
Record #: O2021-2882   
Type: Ordinance Status: Passed
Intro date: 6/25/2021 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 7/21/2021
Title: Multi-family program loan to Casa Durango LP and Casa Durango GP LLC for acquisition of land of land for construction of affordable housing at 1850-1858 S Racine Ave and 2008-2012 S Ashland Ave
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2021-2882.pdf, 2. O2021-2882 (V1).pdf
ORPIN A N C E

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 Housing ("DOH"); and

WHEREAS, DOH has preliminarily reviewed and approved the making of a loan to Casa Durango LP, an Illinois limited partnership (the "Borrower"), the sole general partner of which is Casa Durango GP, LLC, an Illinois limited liability company (the "General Partner"), the sole member of which is The Resurrection Project, an Illinois not-for-profit corporation (the "Sponsor"), in an amount not to exceed $5,600,000 (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 DOH (the "Commissioner") and a designee of the Commissioner (collectively, the "Authorized Of...

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