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Record #: O2022-1705   
Type: Ordinance Status: Passed
Intro date: 5/23/2022 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 6/22/2022
Title: Loan forgiveness agreement with Center on Halsted Project (COH) at 3628-3656 N Halsted St
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security
Attachments: 1. O2022-1705.pdf
OFFTCE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

May 23, 2022










TO THE HONORABLE, THE CI TY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, 1 transmit herewith an ordinance authorizing the execution of a loan-forgiveness agreement with Horizons Community Services, Inc.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours,
ORDINANCE

WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions of the Constitution ofthe State of Illinois of 1970, and as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, the City Council of the City (the "City Council"), pursuant to an ordinance adopted on May 2, 2001, and published at pages 57443-57472 in the Journal of the Proceedings of the City Council ("Journal") of such date, as amended by ordinance adopted on July 27, 2005, and published at pages 53695-53782 in the Journal of such date (together, the "Center on Halsted Project Ordinance"), authorized the Department of Planning and Development ("DPD") to sell City-owned property located at 3628-56 North Halsted Street ("Property") to Horizons Community Services, Inc., an Illinois not-for-profit corporation, now known as the Center on Halsted (the "COH"), for the construction of an LGBTQ community center, retail space and a parking structure (the "Center on Halsted Project"); and

WHEREAS, the purchase price for the Property was $2,740,000 (the "Purchase Price");
and

WHEREAS, the City transferred the Property to COH by quitclaim deed dated June 19, 2001, and recorded in the Office of the Recorder of Deeds, Cook County, Illinois (the "Recorder's Office") on June 20, 2001, as Document No. 0010539043 (the "Citv Deed"); and

WHEREAS, the Center on Halsted Project Ordinance authorized the City to make a purchase money loan to COH in the amount of the Purchase Pric...

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