This record contains private information, which has been redacted from public viewing.
Record #: O2022-2996   
Type: Ordinance Status: Passed
Intro date: 9/21/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 10/26/2022
Title: Multi-Family City program loan to 1201 N California 4PCT GP LLC (4% Borrower) as joint developer with 1201 N California 9Pct HHDC, LP (9% Owner) of 1203 California Condominium mixed use project
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Redevelopment
Attachments: 1. O2022-2996.pdf
f1







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












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


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith ordinances authorizing the issuance of multifamily loan or grant funds for the 1201 North California Avenue development project.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours,

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 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 1201 N. California 4Pct HHDC, LP, an Illinois limited partnership (the "4% Borrower"); the sole general partner of which is 1201 N. California 4Pct GP, LLC, an Illinois limited liability company (the "4% General Partner"), and the sole member of the 4% General Partner is Hispanic Housing Development Corporation, an Illinois not for profit corporation ("Hispanic Housing"); and

WHEREAS, as described in Exhibit A, the 4% Borrower and a separate entity, 1201 N. Californ...

Click here for full text