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.
* In May 2021, Rosewood Harmony Housing LLC purchased the project from the original borrower.
* Rosewood Harmony Housing, LLC now proposes to sell the Apartments to TMO Acquisitions LLC and then its affiliate, Rosewood Essential Housing LLC. Because the Apartments will continue to be subject to affordable housing covenants and commitments, Rosewood Essential 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 Essential 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 is authori...
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