ORDINANCE NO. 230372

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Sponsor: Director of Housing and Community Development Department

Authorizing the Director of the Housing and Community Development Department to negotiate and execute a Central City Economic Development Funding Agreement with LCKC Ladd Development Partners, LLC, in the amount of $3,000,000.00 for the purpose of constructing an affordable housing development located at 3640 Benton Boulevard; and appropriating money for such purpose.

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WHEREAS, LCKC Ladd Development Partners, LLC ("Developer") has proposed to construct The Sanford B Ladd School Redevelopment Project, a residential facility which includes 51 residential units to be located in Oak Park neighborhood along East 36th Street and Benton Boulevard (the "Project Site"); and

WHEREAS, the Developer's proposal will provide 51 units of affordable housing for families, and 2 market rate units of affordable housing for families with incomes between 60% -100% of AMI; and

WHEREAS, the Developer's proposal includes two-bedroom, one bedroom, studio, and meeting spaces; and

WHEREAS, the Developer's proposal contemplates a financing package that includes Central City Economic Development Sales Tax Funds; and

WHEREAS, the Developer requested a public contribution of $3,000,000.00 and the Central City Economic Development Sales Tax Board has recommended that funding be approved in the amount of $3,000,000.00; and

WHEREAS, the project serves a predominantly public municipal purpose because, without limitation, completion of the project (i) enhances the tax base of the Project Site; (ii) retains and generates jobs; (iii) promotes economic development in the area of the City in which the Project Site is located, and promotes consideration of areas of the City that the City Council has determined to be blighted as a location for business operations; (iv) results in generation of tax revenues to the City from the conduct of business and...

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