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Record #: O2021-3265   
Type: Ordinance Status: Passed
Intro date: 7/21/2021 Current Controlling Legislative Body: Committee on Finance
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) for 43rd and Calumet Phase I LP, 43rd and Calumet Phase I LLC, Habitat 43 Green LLC, and P3 Markets 43 Green LLC for construction of mixed income, mixed use residential complex at 321 E 43rd St, 4310 S Calumet Ave, 4312 S Calumet Ave and 4314 S Calumet Ave
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Redevelopment, - PROPERTY - Sale
Attachments: 1. O2021-3265 (V1).pdf, 2. O2021-3265.pdf
ORDINANCE


WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII ofthe 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 thaMhe 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 preliminarilyreviewed and approved the making of a loan to the 43rd and Calumet Phase I LP, a Delaware limited partnership (the "Borrower" or "43 Green"), whose sole general partner is 43rd and Calumet Phase I LLC, an Illinois limited liability company (the "General Partner"), the members of which will be (i) Habitat 43 Green LLC, an Illinois limited liability company (the "Managing Member" or "Habitat 43") and (ii) P3 Markets 43 Green LLC, an Illinois limited liability company ("GP Member or "P3 Markets"), in an amount not to exceed $3,000,000 (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; and
WHEREAS, the members of Managing Member will be Habitat Acquisitions Company LLC, an Illinois limited liability company ("Acquisitions") and Generations Housing Initiatives, an Illinois not-for-profit corporation ("GHI"); and
WHEREAS, upon the selection of other parties to ...

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