Board of Commissioners of Cook County - File #: 24-4636

• File #: 24-4636
• Version: 1
• Name: Deerfield Supportive Living - Tax-Exempt Private Activity Bonds
• Type: Ordinance
• Status: Approved
• File created: 8/16/2024
• In control: Finance Committee
• On agenda: 9/19/2024
• Final action: 10/24/2024
• Title: PROPOSED ORDINANCE BUREAU OF FINANCE AND THE BUREAU OF ECONOMIC DEVELOPMENT JOINT ORDINANCE The Bureaus of Finance and Economic Development respectfully submit this joint ordinance to authorize the County to issue tax-exempt private activity bonds for the purpose of financing costs of the acquisition, development, construction and equipping of Deerfield Supportive Living (the "Project"), that will serve low-income seniors in the County, including capitalized interest on such bonds, various reserve funds including, but not limited to, a debt service reserve fund and costs of issuing such bonds, and reimbursing certain costs already incurred. This joint ordinance shall also serve as the County's "official intent" for purposes of Treasury Regulations Section 1.150-2(e) to permit the Borrower (as defined below) to be reimbursed for costs of the Project paid prior to the issuance of the bonds. Such bonds are limited obligation bonds that do not constitute debt or an obligation of the Coun...
• Sponsors: TONI PRECKWINKLE (President), FRANK J. AGUILAR, ALMA E. ANAYA, SCOTT R. BRITTON, JOHN P. DALEY, BRIDGET DEGNEN, BRIDGET GAINER, MONICA GORDON, BILL LOWRY, DONNA MILLER, STANLEY MOORE, JOSINA MORITA, KEVIN B. MORRISON, SEAN M. MORRISON, ANTHONY J. QUEZADA, MICHAEL SCOTT JR., TARA S. STAMPS, MAGGIE TREVOR

Date	Ver.	Action By	Motion	Result
10/24/2024	1	Board of Commissioners	approve	Pass
10/23/2024	1	Finance Committee	suspend the rules	Pass
10/23/2024	1	Finance Committee	recommend for approval	Pass
9/19/2024	1	Board of Commissioners	refer	Pass

title
PROPOSED ORDINANCE

BUREAU OF FINANCE AND THE BUREAU OF ECONOMIC DEVELOPMENT JOINT ORDINANCE

The Bureaus of Finance and Economic Development respectfully submit this joint ordinance to authorize the County to issue tax-exempt private activity bonds for the purpose of financing costs of the acquisition, development, construction and equipping of Deerfield Supportive Living (the "Project"), that will serve low-income seniors in the County, including capitalized interest on such bonds, various reserve funds including, but not limited to, a debt service reserve fund and costs of issuing such bonds, and reimbursing certain costs already incurred. This joint ordinance shall also serve as the County's "official intent" for purposes of Treasury Regulations Section 1.150-2(e) to permit the Borrower (as defined below) to be reimbursed for costs of the Project paid prior to the issuance of the bonds. Such bonds are limited obligation bonds that do not constitute debt or an obligation of the County for constitutional or statutory purposes.

Deerfield SLF Limited Partnership, an Illinois limited partnership (the "Borrower"), has proposed to undertake the acquisition, development, construction and equipping of an approximately 147-unit affordable senior housing development known as Deerfield Supportive Living, located in the Village of Deerfield, Cook County, Illinois. The bonds will be sold in a limited public offering underwritten by Cain Brothers, a division of KeyBanc Capital Markets.

The ordinance authorizes the issuance of bonds and grants authority to either the President, the Chief Financial Officer, or both, to negotiate the terms of the bonds, subject to financial parameters specified in the ordinance to negotiate and execute a trust indenture, a loan agreement, a bond purchase agreement and a land use restriction agreement, forms of which are also being presented to the board, and to prepare and distribute a preliminary and a final limited offering memorandum...