Ordinance O2025-0016002
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Issuance of financial assistance to 111 Monroe Affordable L.P. and 111 Monroe Market Landlord LLC for acquisition, construction, rehabilitation and equipping of affordable and market rate housing projects at 111 W Monroe St
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The City of Chicago is issuing multi-family housing revenue bonds to finance affordable housing for low- and moderate-income families. The project, located at 111 W. Monroe Street, will be financed through tax increment financing and will involve multiple entities. The City Council has authorized the issuance of Bonds up to $40 million, with a maturity of no later than seven years. The Bonds are limited obligations of the City, payable from specified revenues and funds, and will be sold to an Underwriter. The ordinance authorizes fees and expenses related to Bonds, including an Issuer Fee, Legal Reserve Fee, and Administrative Fee. It also authorizes a Redevelopment Agreement for payment of Redevelopment Project Costs using TIF funds. The ordinance is effective immediately upon approval.
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Legislation text
Additional Documents
- O2025-0016002 EDS.pdf
- O2025-0016002 Exhibit A-1 - Affordable Project.pdf
- O2025-0016002 Exhibit A-2 - Market Rate Project.pdf
- O2025-0016002 Exhibit B - Bond Indenture.pdf
- O2025-0016002 Exhibit C - Loan Agreement.pdf
- O2025-0016002 Exhibit D - Land Use Restriction Agreement.pdf
- O2025-0016002 Exhibit E - Redevelopment Agreement.pdf
- O2025-0016002 Exhibit F - Project Site.pdf
- O2025-0016002 Transmittal Letter.pdf