Title
Resolution amending Resolution Number 17-0042, "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" to extend the authorization until December 31, 2017.
staff summary
* In January 2017, the County Board authorized the issuance of conduit bonds for the improvement of Lilac Ledge Apartments, located at 542 West Washington Street, Waukegan, Illinois, which 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 borrower anticipated being able to receive final approval of funding from its other necessary funding sources, such as U.S. Housing and Urban Development, by September 30, 2017.
* The borrower has not yet been able to receive approval from these other funding sources, and requests that the deadline for issuance of these conduit bonds be extended to December 31, 2017.
* The resolution amends Section 17 of the original resolution to replace September 30, 2017 with Decem...
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