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Parkside Old Town, Near North TIF

Parkside Old Town, Near North TIF

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Published by ChicagoTalks_TIF

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Published by: ChicagoTalks_TIF on Dec 11, 2010
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12/11/2010

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ContractSummarySheet
Contract
(PO)
Number:
12994Specification
Number:
51460Name
of
Contractor:
PARKSIDEOLDTOWNILLCCityDepartment:PLANNING
&
DEVELOPMENTTitle
of
Contract:RedevelopmentAgreement:DivisionILarrabee
Termof
Contract:
Start
Date:9/27/2006
End
Date:7/30/2020DollarAmount
of
Contract(or
maximumcompensation
if
a
Term
Agreement)(DUR):$9,037,000.00
Brief
Description
of
Work:
RedevelopmentAgreement:DivisionILarrabee
Procurement
Services
Contract
Area:COMPTROLLER-OTHER
VendorNumber:
50106740
SubmissionDate:
11
;/01
 
II
-
 
The
followingis
said
ordinance
aspassed:
.I
WHEREAS,
pursuantto
an
ordinanceadopted
by
the
CityCouncil(the"CityCouncil")
of
the
City
of
Chicago(the"City")
on
July30,)997andpublishedatpages49207-49356
of
the
Journal
of
theProceedings
of
the
City
Council(the"Journal")
of
suchdate,acertainredevelopmentplanandproject(the"Plan")forthe
Near
NorthTaxIncrementFinancingRedevelopmentProjectArea(the"Area")wasapprovedpursuant
to
theIllinoisTaxIncrementAllocationRedevelopment
~ c t ,
asamended(65ILCS5/11-74.4-1et
g:g.)
(the"Act");and
WHEREAS,
pursuantto·anordinanceadopted
by
the
City
CouncilonJuly30,1997
and
published
at
pages49356-49365
of
theJournal
of
suchdate,theAreawasdesignatedasaredevelopmentprojectareapursuanttotheAct;and
WHEREAS,
pursuantto
an
ordinance(the"TIPOrdinance")adoptedbythe
City
Council
onJuly
30,1997andpublished
at
pages49366-49374
of
theJournal
of
suchdate,taxincrementallocationfinancingwasadoptedpursuantto
the
Act
asameans
of
financingcertainArearedevelopmentprojectcosts(asdefinedintheAct)incurredpursuant
to
thePlan;and
WHEREAS,
ParksideOld
Town
I,
LLC,anIllinoislimitedliabilitycompany("Parkside"),andtheChicagoHousingAuthority,anIllinoismunicipalcorporationunderthe
Housing
AuthoritiesAct,asamended(310ILCS10/1et
~ . )
(the"CHA")areenteringintoone
·or
more
99-yeargroundleasesfor
the
realpropertythatisboundedbyWestDivisionStreet
on
the
north,SewardParkontheeast,
West
ElmStreetonthesouth,andNorthLarrabeeStreeton
the
west,inChicago,Illinois(the"Property"),onwhichtheDeveloper(ashereinafterdefined)willconstructtwomid-risemulti-familycondominiumbuildingsandninetownhomebuildings,
having
anaggregate
of
280
residentialunits(asdescribedmorefully
in
theproposedParkside
OldTown
ProjectRedevelopmentAgreementattachedheretoasExhibitA,the"Project");and
WHEREAS,
of
the
280
residential.units,
72
shall,uponcompletion
of
Construction,
be
cOnveyed
by
ParksidetoParksideFourPhase
I,
L.P.,.anIllinoislimitedpartnership(the"Rental
Owne["),
which
willthereafter
own
andoperatesuchunitsasrentalunitsthatconstitutereplacementpublichousingunitsandthatshall
be
subject
to
rentrestrictionsandrentedonly
by
households
earning
sixty
percent(60%)
or
less
of
themedianincomefortheCity
of
Chicago;
andWHEREAS,
theProjectisnecessaryfortheredevelopment
of
theArea;and
WHEREAS;
Parkside,theRental
Owner
andParksideFour
I,
LLC,anIllinoislimitedliabilitycompanyandgeneralpartner
of
theRentalOwner(hereinafterreferredtocollectivelyas
the
"Developer")will
be
obligatedtoundertaketheProjectinaccordancewiththetermsand
conditions
of
aproposedredevelopmentagreement
to
beexecutedbytheDeveloperandthe
City,
withsuchProjectto
be
financedinpart
by
certainpledgedincrementaltaxesdeposited
from
time
tq
timeintheSpecialTaxAllocationFundfortheArea(asdefinedintheTIF
Ordinance)
pursuanttoSection5/11'-74.4-8(b)
of
theAct("IncrementalTaxes");and

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