Ordinance O2025-0016003
Active
Issuance of financial assistance to 208 LaSalle Affordable L.P. and 208 LaSalle Market Landlord LLC for acquisition, construction, rehabilitation and equipping of affordable and market rate housing projects at 208 S LaSalle St
Auto-generated summary
The City of Chicago is addressing affordable housing shortages by issuing multi-family housing revenue bonds to finance the acquisition, construction, and equipping of affordable and market rate residential units at 208 S. LaSalle Street. The project, approved by the City Council, will be financed through the sale of Bonds, incremental taxes, and will not constitute an indebtedness of the City or State. The Bonds, not exceeding $25 million, will have a maximum interest rate of 7.5% and mature within seven years. The Authorized Officer is authorized to execute necessary agreements and documents, and the proceeds will be used as outlined in the Bond Indenture. The Developer is designated for the Project and public approval is required for issuing the Bonds. The City Council can pay up to $26,000,000 from Incremental Taxes to finance the Project. The ordinance is effective immediately.
Sponsors
History
Legislation text
Additional Documents
- O2025-0016003 EDS.pdf
- O2025-0016003 Exhibit A-1 - Affordable Project.pdf
- O2025-0016003 Exhibit A-2 - Market Rate Project.pdf
- O2025-0016003 Exhibit B - Bond Indenture.pdf
- O2025-0016003 Exhibit C - Loan Agreement.pdf
- O2025-0016003 Exhibit D - Land Use Restriction Agreement.pdf
- O2025-0016003 Exhibit E - Redevelopment Agreement.pdf
- O2025-0016003 Exhibit F - Project Site.pdf
- O2025-0016003 Transmittal Letter.pdf