Title
Resolution authorizing the issuance and delivery of an amount not to exceed $22,000,000 multifamily housing revenue notes, 2017 series A and B (Lilac Ledge Apartments), for the purpose of making a loan to Lilac Ledge Apartments, LP, an Illinois limited partnership, in order to finance a portion of the costs of acquiring, constructing, rebuilding, improving and extending a multifamily housing facility to be located in the City of Waukegan, Illinois; authorizing the execution and delivery of a borrower loan agreement, a funding loan agreement, a tax regulatory agreement, and various other documents and instruments in connection with the foregoing; authorizing the terms and issuance of the notes; repealing all resolutions or portions of resolutions in conflict with the provisions of this resolution; providing for an effective date; and concerning related matters.
Staff Summary
* Lilac Ledge Apartments, located at 542 West Washington Street, Waukegan, Illinois, consists of 203 independent residential rental units for seniors;10 are efficiency units and 193 are one bedroom units.
* Current ownerships intends to sell the building to new owners, who will use the funds from these revenue notes to acquire and rehabilitate these affordable housing units that were constructed in the mid-1970s.
* The issuance of the notes will benefit the public health and safety by providing adequate, decent, safe, sanitary and affordable housing to persons within the County.
* The borrower anticipates that it will employ approximately 50 individual contractors during the construction and rehabilitation period (with approximately 75 percent of the materials used to be procured from Lake County suppliers and/or manufacturers).
* The resolution approves and authorizes the issuance of the revenue notes and the execution of a Borrower Loan Agreement, a Funding Loan Agreement, a Tax Regulatory Agreement and other agreements, documents and instruments in connection with the foregoing.
...
Click here for full text