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This record contains private information, which has been redacted from public viewing.
Record #: O2021-4755   
Type: Ordinance Status: Introduced
Intro date: 10/14/2021 Current Controlling Legislative Body: Committee on Finance
Final action:
Title: Redevelopment and related agreements authorizing multi-family housing financial assistance and lending to Chicago Lighthouse Residences 4 LLC, Brinshore Development LLC, The Chicago Lighthouse Residences 4 Manager LLC, The Chicago Lighthouse Special Investor Member for construction of new affordable residential units at 1134 S Whipple St
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2021-4755.pdf


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

October 14. 2021










10 THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Housing, I transmit herewith an ordinance authorizing financial assistance to Chicago Lighthouse Residences 4, LLC for a new affordable housing development.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours.

ORDINANCE


WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois (the "Constitution"), the City of Chicago (the "City") is a home rule unit of 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 of an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and
WHEREAS, The Chicago Lighthouse Residences 4, LLC, an Illinois limited liability company (the "Borrower"), and Brinshore Development, L.L.C., an Illinois limited liability company ("Brinshore"), have proposed a certain affordable housing development project consisting of the acquisition of real property located at 1134 South Wood Street in the City (the "Property") and the construction thereon and equipping of a portion of the affordable housing development comprised of 48 residential units that include 6 studio units, 30 one-bedroom units and 12-two bedroom units, together with common areas and approximately 35 parking spaces (the "4% Project"); and
WHEREAS, the 4% Project will constitute a separate and distinct condominium unit within a larger mixed-use building; and
WHEREAS, the members of the Borrower are Th...

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