HomeMy WebLinkAboutRESOLUTIONS-1991-003-R-913 -R-.91
A RESOLUTION
AUTHORIZING THE ACTING CITY MANAGER
TO LOAN THE EVANSTON HOUSING CORPORATION $273.000.
• WHEREAS, the City of Evanston Comprehensive General Plan provides
as a housing goal the development, within the means of the community,'an
adequate supply of affordable housing; and
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WHEREAS, the City has a history of providing funding for low -and/or
moderate -income households; and
WHEREAS, to accomplish the goal of sustaining the diversity of the
housing supply as to types and costs of dwellings, the City and various
private corporations have come together to establish a not -for -profit housing
mortgage corporation, known as the Evanston Housing Corporation; and
WHEREAS, for the past twelve'(12) months the Evanston Housing
Corporation has provided affordable mortgage financing to eligible Evanston
• residents; and
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WHEREAS, it is necessary that the City of Evanston and the' various
private corporations provide additional: funds to the Evanston Housing'
Corporation in order to continue to provide affordable housing within the
City; and
WHEREAS, the City of Evanston will make an interest -free thirty
year loan to the Evanston Housing Corporation in the amount of $250,600 (two
hundred fifty thousand dollars), plus returning 1990 Investment Earnings of
approximately $23,000 for a total of $273,000. as its share of the funding; and
WHEREAS, the various private corporations will make available
approximately $650,000. dollars as their share of the funding; and
• WHEREAS, if private funding does not total $650,000., the ;City of
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Evanston's share will be reduced proportionately to maintain a 30% City share
of contribution and a 70% private share.
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NOW THEREFORE, BE IT RESOLVE BY THE CITY COUNCIL OF THE CITY OF
EVANSTON, COOK COUNTY, ILLINOIS:
Section 1: That the Acting City Manager of the City of
EvanstonA s hereby authorized and directed to
sign on behalf of the City of Evanston the required loan documents to
negotiate any additional terms as he may deem appropriate and necessary.
This resolution shall be in full force and effect from and after the date of
its passage and approval in the manner provided by law.
ATTEST:
City Clerk
Adopted: �� �/ 1991
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