Title
Bond Resolution and related documents for the acquisition, renovation and improvement of the Whispering Oaks Apartments in Waukegan, Illinois.
Staff Summary
· Resolution authorizing the issuance and sale by the County of Lake, Illinois, of variable rate demand multifamily housing revenue bonds (Whispering Oaks Apartments project), series 2008 in an aggregate principal amount not to exceed $26,000,000 on behalf of Whispering Oaks Associates, L.P.
· This is a request for $26.0 million in tax exempt bond volume cap to finance a portion of the costs of the acquisition, rehabilitation and equipping of a 405 unit multifamily rental housing development located at various addresses from 2401 to 2443 West Dugdale Road in Waukegan, Illinois.
· Borrower intends to employ 250 to 300 temporary new employees during the construction period, and will employ five (5) new employees at the site of the Project within two (2) years.
· These units will be rented by low to moderate income individuals or families. Whispering Oaks Associates, L.P. will acquire, develop, rehabilitate, own and operate the Whispering Oaks Apartments.
Body
The County Board of The County of Lake, Illinois, met at a regular meeting at the
County Building, 18 North County Street, Waukegan, Illinois, on November 18, 2008, at 9:00 a.m. The meeting was called to order and there were present Suzi Schmidt, Chairman, presiding, and the following named members: Bassi, Calabresa, Carlson, Carter, Cunningham, Douglass, Gravenhorst, Kyle, Leafblad, Maine, Martini, Mountsier, Newton, O’Kelly, Paxton, Powers, Sabonjian, Spielman, Stolman, Talbett, Whitmore.
and the following members were absent: Nixon
The County Clerk informed the County Board that the next agenda item was
consideration of a resolution entitled, “RESOLUTION AUTHORIZING THE ISSUANCE AND SALE BY THE COUNTY OF LAKE, ILLINOIS, OF VARIABLE RATE DEMAND MULTIFAMILY HOUSING REVENUE BONDS (WHISPERING OAKS APARTMENTS PROJECT), SERIES 2008 IN AN AGGREG...
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