Title
Your Health & Community Services and Financial & Administrative Committees herewith present an Inducement Resolution and Memorandum of Agreement for the acquisition, renovation and improvement of the Carriage House Apartments in Gurnee, IL
Staff Summary
· This is a request for $10.0 million in tax exempt bond volume cap to acquire, renovate and expand the 134 1BR and 2 2BR development (total of 136 units) to a mix of 66 1BR units, 70 2BR units and 17 studios, for an expanded total of 153 dwelling units.
· This 1960 era complex of buildings will be completely renovated; each apartment will be equipped with its own heating unit, washer/dryer and electric meter. Previously these services were consolidated in each buildings common area; the relocation of these items will facilitate the construction of 17 new studios, one in each building.
· These units will be rented by low to moderate income individuals or families. The total project cost is $15,165,633 and $10,000,000 will be financed with the proceeds of this Revenue Bond.
Body
WHEREAS, The County of Lake, Illinois (“County”), is a duly organized and existing unit of local government within the meaning of Section 1 of Article VII of the 1970 Constitution of the State of Illinois and is a body politic and corporate operating under the general laws of the State of Illinois and is not a home rule unit of local government; and
WHEREAS, the County is authorized under the Industrial Building Revenue Bond Act, 50 ILCS 445/1 et seq. (“Bond Act”), to issue its revenue bonds to finance, in whole or in part, the cost of the construction, rebuilding, acquisition, improvement, or extension of an “industrial project,” as defined in Section 2 of the Bond Act; and
WHEREAS, TSM Development, LLC, an Illinois limited liability company (“Borrower”), wishes to secure financing for the acquisition, construction, rehabilitation and improvement of an industrial project consisting of a 136 unit (153 units after completion o...
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