Office of the City Clerk - Record #: O2023-899

• Record #: O2023-899
• Type: Ordinance
• Status: Passed
• Intro date: 1/18/2023
• Current Controlling Legislative Body: Committee on Finance
• Final action: 3/15/2023
• Title: Loan assistance to 43rd and Prairie Phase II LP for acquisition of City-owned property and redevelopment as affordable housing and commercial space at 4309-4311 S Prairie Ave
• Sponsors: Lightfoot, Lori E.
• Topic: AGREEMENTS - Loan & Security

Date	Journal Page Number	Action By	Action	Result
3/15/2023	60766	City Council	Passed	Pass
3/13/2023		Committee on Finance
1/18/2023	58891	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT MAYOR
January 18, 2023










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 43rd and Green Phase II development.

Your favorable consideration ofthis ordinance 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 one or more loans in an amount not to exceed $6,500,000 (the "Loan"), to be funded from Multi-Family Program Funds pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof, for costs of the Project (as hereinafter defined); and
WHEREAS, the Loan is to be made to the 43rd and Prairie Phase II LP, a Delaware limited partnership (the "Borrower"), whose sole general partner is 43rd and Prairie Phase II LLC, an Illinois limited liability company (the "General Part...