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This record contains private information, which has been redacted from public viewing.
Record #: O2021-3264   
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: Sale of City-owned properties to and execution of redevelopment agreement using multi-family program funds and tax incremental financing (TIF) with Englewood Phase 1 LLC, RED Englewood Phase 1 LLC, and Keith B. Key Enterprises LLC for construction of mixed income affordable housing at 6100-6136 S Halsted St and 801-811 W 61st St
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment, - PROPERTY - Sale
Attachments: 1. O2021-3264.pdf


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

July 21, 2021










TO THE 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 Englewood Phase 1 LLC, and associated sale of City-owned properties.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours,

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, pursuant to ordinances adopted on June 27, 2001, the City Council: (i) approved a certain redevelopment plan and project (the "Redevelopment Plan") for the Englewood Redevelopment Project Area (the "Redevelopment Area"), pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "TIF Act"); (ii) designated the Redevelopment Area as a redevelopment project area pursuant to the TIF Act; and (iii) adopted tax increment financing pursuant to the TIF Act as...

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