Office of the City Clerk - Record #: O2022-4012

• Record #: O2022-4012
• Type: Ordinance
• Status: Passed
• Intro date: 12/14/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 1/18/2023
• Title: Amendment of original Sales Tax Securitization Agreement with Encuentro Square II LP, Encuentro Square II GP LLC, Encuentro Square SLP LLC for additional funding agreements incorporating Tax Incremental Financing (TIF) assistance for affordable housing project at 1800-1840 N Hamlin Ave, 1821-1857 N Hamlin Ave, 3735-3750 W Cortland St and 1820-1856 N Ridgeway Ave
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Miscellaneous

Date	Journal Page Number	Action By	Action	Result
1/23/2023		City Council	Signed by Mayor
1/18/2023	59124	City Council	Passed	Pass
1/12/2023		Committee on Finance
12/14/2022	57230	City Council	Referred

ORDINANCE


WHEREAS, by virtue of Section 6(a) of Article Vll of the 1970 Constitution of the State of Illinois (the "Constitution"), the City of Chicago (the "City") is a home rule unit of local government and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, as a home rule unit of government and pursuant to the Constitution, the City is authorized and empowered to issue multi-family housing revenue obligations for the purpose of financing the cost of the acquisition, construction, rehabilitation, development, and equipping an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); 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, by this ordinance (this "Ordinance"), the City Council of the City (the "City Council") has determined that it is necessary and in the best interests ofthe City to provide Multi-Family Housing Financing and certain other funding, as provided herein, to Encuentro Square II LP, an Illinois limited partnership (the "Borrower"), the general partner of which is Encuentro Square II GP LLC, an Illinois limited liability company, (the "General Partner"), and the limited partner of which is currently Encuentro Square II SLP LLC, an Illinois limited liability company (the "Initial Limited Partner"), to enable the Borrower to pay or reimburse a portion of the costs of acquiring a portion of the real property located at 1800-1840 North Hamlin Avenue, 1821-1857 North Hamlin Avenue, 3735-3759 West Cortland Street and 1820-1856 North Ridgeway Avenue in the City as legally described on Exhibit F, attached hereto and made a part hereof (the "Property," with that portion of the Property on which the 4% Project (as defined below) will be constructed being hereinafter ...