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This record contains private information, which has been redacted from public viewing.
Record #: O2021-2891   
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: Restructuring of Home Funds loan to West Ridge Senior Partners LP and West Ridge Seniors Corporation for affordable senior rental housing at 6142 N California Ave
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2021-2891.pdf
ORDINANCE


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 of the City; and

WHEREAS, the City, pursuant to the HOME Investment Partnerships 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 June 25, 2002, the City made a loan of HOME Funds in the principal amount of $6,879,312, with an interest rate of one percent per annum and a term not to exceed 32 years (the "Loan"), to West Ridge Senior Partners L.P., an Illinois limited partnership (the "Borrower"); and

WHEREAS, the Loan was secured by, among other things, that certain Junior Mortgage, Security Agreement and Financing Statement dated as of June 25, 2002, made by the Borrower in favor ofthe City (the "Mortgage"); and

WHEREAS, proceeds of the Loan were used to provide for the acquisition, construction and equipping by the Borrower of a 99-unit affordable senior rental apartment building, located generally at 6142 North California Avenue, Chicago, Illinois 60659 (the "Property"); and

WHEREAS, the sole general partner of the Borrower is West Ridge Seniors Corporation, an Illinois corporation, of which the sole owners are George Ardelean, an individual, and Agatha Ardelean, an individual; and

WHEREAS, the Mortgage is subordinate to that certain Mortgage and Security Agreement...

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