Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
Record #: SO2021-3216   
Type: Ordinance Status: Passed
Intro date: 7/21/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 9/14/2021
Title: Restructuring agreement, multi-family tax-exempt funding loan notes and loan agreement with Standard LPC Venture LP, Standard LPC Manager LLC, for purchase and rehabilitation of Lake Park Crescent apartments at 1061 E 41st Place; 4001,4007,4029,4035,4045,4051,4067 and 4071 S Lake Park Ave; and 4000, 4006, 4030 and 4036 S Okenwald Ave
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Miscellaneous
Attachments: 1. SO2021-3216.pdf, 2. O2021-3216.pdf
SUBSTITUTE ORDINANCE

AN ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF NOT TO EXCEED $32,000,000 PRINCIPAL AMOUNT OF CITY OF CHICAGO MULTI-FAMILY HOUSING REVENUE NOTE, SERIES 2021A AND SERIES 2021B (LAKE PARK CRESCENT APARTMENTS) FOR LOW INCOME HOUSING DEVELOPMENTS TO BE LOCATED AT 1061 EAST 41ST PLACE; 4001, 4007, 4029, 4035, 4045, 4051, 4067 AND 4071 S. LAKE PARK AVENUE; AND 4000, 4006, 4030 AND 4036 S. OAKENWALD AVENUE, APPROVING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS IN RELATION THERETO; AND AUTHORIZING CERTAIN OTHER MATTERS IN RELATION THERETO.

WHEREAS, by virtue of Section 6(a) of Article VII ofthe 1970 Constitution of the State of Illinois (the "Constitution"), the City of Chicago (the "City") is a home rule unit of local government and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, as a home rule unit and pursuant to the Constitution, the City is authorized and empowered to issue multi-family housing revenue obligations for the purpose of financing the cost of the acquisition, construction, rehabilitation, development, and equipping an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); 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, pursuant to an ordinance adopted by the City Council on October 2, 2002, and published at pages 94184-94192 in the Journal of the Proceedings (the "Journal") of the City Council ofthe City (the "City Council") of such date (the "2002 Ordinance"), the City approved the making of a loan or loans to Lake Park Crescent Associates I, L.P., an Illinois limited liability company (the "Prior Owner"), the sole owner of which was Draper and Kramer, Incorporated, an Illinois corporation in an aggregate amount not to exc...

Click here for full text