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PROPOSED RESOLUTION
REVOLVING LINE OF CREDIT EXTENSION FOR COOK COUNTY LAND BANK
WHEREAS, pursuant to Chap. 103, Art. 1, Sec. 103-1, et seq., of the Cook County Code of Ordinances ("CCLBA Ordinance"), the Cook County Board of Commissioners established the Cook County Land Bank Authority ("CCLBA") to facilitate the return of vacant, abandoned and tax-delinquent properties to productive use thereby combating community deterioration, creating economic growth and stabilizing the housing and job market, and
WHEREAS, pursuant to Section 103-41(f) of the CCLBA Ordinance, CCLBA has authority to borrow money from private lenders, subject to the approval of the County Board, to further or carry out CCLBA's public purpose by executing leases, trust indentures, trust agreements, agreements for the sale of notes, loan agreements, mortgages, deeds to secure debt, trust deeds, security agreements, assignments, and such other agreements or instruments as may be necessary or desirable in the judgment of CCLBA, to evidence and to provide security for such borrowing; and
WHEREAS, pursuant to Section 103-41(n) of the Ordinance, CCLBA has the authority to enter into contracts and other instruments necessary, incidental, or convenient to the performance of its duties and the exercise of its powers; and
WHEREAS, pursuant to Section 103-41(z) of the Ordinance, CCLBA has the authority to do all things necessary or convenient to achieve the objectives and purposes of CCLBA; and
WHEREAS, on October 11, 2017 the Cook County Board of Commissioners approved a revolving line of credit from Chicago Community Loan Fund in an amount not to exceed Three Million and No/100th dollars ($3,000,000.00), for the acquisition of properties, from various sources, including but not limited to the National Community Stabilization Trust (NCST) in low-to-moderate (LMI) communities in Cook County, is necessary and convenient to further the objectives and purposes of th...
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