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Record #: O2022-3582   
Type: Ordinance Status: Passed
Intro date: 10/26/2022 Current Controlling Legislative Body: Committee on Finance
Final action: 11/16/2022
Title: Redevelopment agreement with Senior Village Phase 1 LLC, SPM Properties & Development LLC, Trinity 95th and Cottage Grove Planned Community Development Series LLC utilizing Tax Incremental Financing (TIF) and Multi-Family Program funds for development of Imani Senior Village affordable living units at 9633 S Cottage Grove Ave
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment, - FINANCE FUNDS - Multi-Family Program Funds
Attachments: 1. O2022-3582.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR
October 26. 2022












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


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing the issuance of financial assistance for the Imani Senior Village affordable housing development project.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours.

Mayor

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 Imani Senior Village Phase 1, LLC, an Illinois limited liability company (the "Borrower") whose manager is Imani Senior Village Phase 1 MM, LLC, an Illinois limited liability company, whose managing members are SPM Properties & Development, LLC, an Illinois limited liability company ("SPM") and Trinity 95th and Cottage Grove Planned Community Development Series, LLC ("Trinity"), in an amount not to exceed $4,100,000 (the "Loan"), to be funded from Multi-...

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