Ordinance O2024-0012550 Active

Non-Routine Unclassified


Sale, transfer and assumption of City debt from Ellis Neighborhood Development Corporation to Veritus Karibuni LLC of permanent supportive living facility at 8200 S Ellis Ave

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The Department of Housing (DOH) has approved the restructuring of the City Loan and the transfer of the property and obligations from Ellis Neighborhood Development Corporation to Ventus Karibuni LLC, managed by Steve Perez and Zach Elman. This restructuring includes the assumption of the City Financing Documents and existing City debt associated with the property. The Material Terms of the restructuring will not alter the principal amount, interest rate, or maturity date of the City Loan, among other conditions.

Sponsors

Sponsor Ward
Johnson, Brandon
Johnson, BrandonPrimary Sponsor

History

Date Legislative body Action
Date 2024-09-18 Legislative body Chicago City Council Action Referred
Date 2024-09-18 Legislative body Chicago City Council Action Introduced

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