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This record contains private information, which has been redacted from public viewing.
Record #: O2021-4891   
Type: Ordinance Status: Passed
Intro date: 10/27/2021 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 11/17/2021
Title: Amendment to multi-family loan agreement with 43rd and Calumet Phase I, LP for affordable housing
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2021-4891.pdf, 2. O2021-4891 (V1).pdf
ORDINANCE


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 ofthe City; and

WHEREAS, on September 14, 2021, the City Council of the City adopted an ordinance authorizing the making of a loan to 43rd and Calumet Phase I LP, a Delaware limited partnership (the "Borrower"), in an amount not to exceed $3,000,000 which was published in the Journal of the Proceedings of the City Council (the "Journal") for such date at pages 34598 to 34699 (the "Loan Ordinance"); and
WHEREAS, the City's Department of Housing and the Borrower desire to amend Exhibit A to the Loan Ordinance to increase the term of the Loan; 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. Exhibit A to the Loan Ordinance is hereby amended by increasing the term of the Loan from thirty years to a term to be coterminous with the mortgage securing the Permanent Loan of up to 43 years. The remainder of the Loan Ordinance shall remain in full force and effect. Exhibit A, as amended by this ordinance, is attached hereto.
SECTION 3. To the extent that any ordinance, resolution, rule, order or provision of the Municipal Code of Chicago, or part thereof, is in conflict with the provisions of this ordinance, the provisions of this ordinance shall control. If any section, paragraph; clause or provision of this ordinance shall be held invalid, the invalidity of such section, paragraph, cl...

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