Ordinance O2024-0010978
Passed
Non-Routine
Ward Matters
Economic Development
Tax Increment Financing
Issuance of governmental note, construction loan, tax increment financing (TIF) grant and other financial assistance to and execution of redevelopment agreement with Care Manor I LP for acquiring, leasing, constructing, developing and equipping of affordable residential housing at 4531-4533 and 4549-4555 W Washington Blvd
Auto-generated summary
The City of Chicago has approved several ordinances and financing agreements, including a multi-family housing bond and a funding loan agreement with CIBC Bank USA, to facilitate the development of affordable housing and the redevelopment of the Madison/Austin Area. The city will issue a governmental note to cover loan payments and will secure the loan with a mortgage on the property and other collateral. The loan agreement and note are limited and secured by various assets. The city has also approved the sale of city-owned property to the developers, United for Better Living and CARE Manor, who will remediate any contamination found in environmental assessments. The city's Commissioner of Housing can provide up to $9,750,000 in assistance for the project through loans and grants. The issuance of the governmental note is subject to a public hearing and Code requirements.
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |
History
Locations mentioned
Legislation text
Additional Documents
- O2024-0010978 Committee Letter.pdf
- O2024-0010978 EDS.pdf
- O2024-0010978 Exhibit A - Financing.pdf
- O2024-0010978 Exhibit B - Funding Loan Agreement.pdf
- O2024-0010978 Exhibit C - Borrower Loan Agreement.pdf
- O2024-0010978 Exhibit D - Land Use Restriction Agreement.pdf
- O2024-0010978 Exhibit E - Redevelopment Agreement.pdf
- O2024-0010978 Exhibit F - Legal Description.pdf
- O2024-0010978 Mayoral Letter.pdf