Title
Resolution authorizing the execution and delivery by the County of Lake, Illinois, of an Assignment and Assumption Agreement and Related Documents Relating to a Land Use Restriction Agreement Entered into by Said County at the Time of Issuance of its Variable Rate Demand Multifamily Housing Revenue Bonds (Rosewood Apartments Project) Series 2004, and Other Provisions in Connection Therewith.
Staff Summary
* In 2004, Lake County issued $8,800,000 in tax-exempt bonds to finance the acquisition and improvement of affordable housing at the Rosewood Apartments, 318 W. Forest Avenue, Round Lake.
* In order to maintain the tax-exempt status of the bonds as well as maintain Section 8/Housing Unit and Development (HUD) and other affordable housing assistance, the owner of the Apartments was required to agree to certain affordable housing covenants and commitments, which are contained in a Land Use Restriction Agreement among Rosewood Apartments Limited Partnership, the bond trustee and Lake County.
* Rosewood Apartments Limited Partnership now proposes to sell the Apartments to Rosewood Harmony Housing, LLC, Inc. and use proceeds from the sale to pay off the balance of the outstanding Bonds. Because the Apartments will continue to be subject to the affordable housing covenants and commitments due to other continuing financing, Rosewood Harmony Housing, LLC will continue to comply with those requirements.
* Lake County's consent is required to authorize the assignment of the obligations of the Land Use Restriction Agreement to Rosewood Harmony Housing, LLC.
Body
RESOLUTION
WHEREAS, The County of Lake, Illinois (the "Issuer"), 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 Issuer ...
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