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Record #: O2022-2003   
Type: Ordinance Status: Passed
Intro date: 6/22/2022 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 7/20/2022
Title: Multi-family Program Funds loan to and redevelopment agreement with Sarah's on Lakeside LLC, Sarah's Circle for construction of affordable housing at 4737 N Sheridan Rd
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment, - FINANCE FUNDS - Multi-Family Program Funds
Attachments: 1. O2022-2003.pdf, 2. O2022-2003 (V1).pdf

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 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, pursuant to an ordinance adopted on October 27, 2021, and published at pages 40213-40503 of the Journal of the Proceedings of the City Council (the "Journal") of such date, the City Council authorized the issuance of general obligation bonds in one or more series, in an aggregate principal amount not to exceed $660,000,000 for the Chicago Recovery Plan to finance the costs of the Recovery Purposes (as defined therein); and
WHEREAS, DOH has preliminarily reviewed and approved the making of a loan or grant to Sarah's on Lakeside, LLC, an Illinois limited liability company (the "Borrower"), of which Sarah's Circle, an Illinois not for profit corporation, is the sole member, in an amount not to exceed $4,000,000 (the "Loan or Grant"), to be funded from Multi-Family Program Funds or Chicago Recovery Plan funds pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof; now, therefore,


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