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This record contains private information, which has been redacted from public viewing.
Record #: O2021-3120   
Type: Ordinance Status: Passed
Intro date: 7/21/2021 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 9/14/2021
Title: Multi-family program funds loan to Historic Lawson LP, Lawson Partners LLC and Holsten Real Estate Development Corp for rehabilitation of Lawson House Single Room Occupancy (SRO) units into studio residential units at 30 W Chicago Ave
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2021-3120.pdf


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

July 21,2021









TO THF HONORABLE. THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing the execution of a multi-family loan agreement with Historic Lawson Partners LP for the rehabilitation of Lawson House.

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 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 Historic Lawson Limited Partnership, an Illinois limited partnership (the "Borrower") whose general partner is Lawson Partners, LLC, an Illinois limited liability company (the "General Partner"), which is comprised of two members, Holsten Real Estate Development Corporation, an Illinois corporation, its managing member (the "Manager") and HHCD Lawson LLC, an Illinois limited liability company, in an amount not to exceed $17,587,937 (the "Loan"), to...

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