Office of the City Clerk - Record #: O2022-4013

• Record #: O2022-4013
• Type: Ordinance
• Status: Passed
• Intro date: 12/14/2022
• Current Controlling Legislative Body: Committee on Finance
• Final action: 1/18/2023
• Title: Redevelopment agreement with C40 Preservation Associates LP, POAH C40 LLC, Preservation of Affordable Housing, Inc.and POAH TIF LLC and issuance of loan funding, tax credits and tax increment financing (TIF) assistance for development of develop low income housing and commercial space at 3137-3157 W Fifth Ave and 209 S Kedzie Ave
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Loan & Security, - AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
1/18/2023	58917	City Council	Passed	Pass
1/12/2023		Committee on Finance
12/14/2022	57229	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
December 14, 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 C40 Garfield Green affordable housing development.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours.

ORDINANCE

WHEREAS, by virtue of Section 6(a) of Article VII ofthe 1970 Constitution ofthe State of Illinois (the "Constitution"), the City of Chicago (the "City") is a home rule unit of 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 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 of an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and
WHEREAS, the City is the owner of the real property located at 209 South Kedzie/3137-57 West 5th Avenue, Chicago, Illinois 60612, as identified on Exhibit F attached hereto (the "Property"); and

WHEREAS, C40 Preservation Associates Limited Partnership, an Illinois limited partnership (the "Borrower"), its general partner POAH C40 LLC, an Illinois limited liability company (the "General Partner"), Preservation of Affordable Housing, Inc., an Illinois not-for-profit corporation (the "Corporation"), the managing member of the General Partner, and POAH TIF LLC, an Illinois limited liability company (the "Transfer Entity"),whose sole managing member is the Corporation, have proposed to purchase the Property for the construction, furnishing and equipping of a low income housing and commercial project consisting of a three story a...