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This record contains private information, which has been redacted from public viewing.
Record #: SO2021-4750   
Type: Ordinance Status: Passed
Intro date: 10/14/2021 Current Controlling Legislative Body: Committee on Finance
Final action: 2/23/2022
Title: Redevelopment agreement and multi-family program funding loans with Chicago Lighthouse Residences 9 LLC and Chicago Lighthouse Residences 9 Manager LLC for acquisition and construction of mixed use and affordable housing at 1134 S Wood St
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment, - FINANCE FUNDS - Multi-Family Program Funds
Attachments: 1. SO2021-4750.pdf, 2. O2021-4750.pdf
SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article Vll 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 The Chicago Lighthouse Residences 9, LLC, an Illinois limited liability company (the "Borrower") of which The Chicago Lighthouse Residences 9 Manager, LLC, an Illinois limited liability company (the "Managing Member") is the managing member, in an amount not to exceed One Million Eighteen Thousand and No/100 Dollars ($1,018,000) (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; now, therefore,

BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The above recitals are expressly incorporated in and made a part of this ordinance as though fully set forth herein.
SECTION 2. Upon the approval and availability of the Additional Financing as shown in Exhibit A hereto, the Commissioner of DOH (the "Commissioner") and a designee of the Commissioner (collectively, the "Authorized Officer"...

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