title
Request to ratify loans to C/S Loomis Courts Limited Partnership and C/S Harrison Courts Limited Partnership.
presenter
Presenter: Leonard Langston, Interim Chief Property Officer
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Recommendation
The Interim Chief Executive Officer (“CEO”) of the Chicago Housing Authority (“CHA”) requests that the Board of Commissioners ratify the loans issued to C/S Loomis Courts Limited Partnership and C/S Harrison Courts Limited Partnership.
Explanation
The Interim Chief Executive Officer requests ratification of the following:
Loan to C/S Loomis Courts Limited Partnership
Loan from Chicago Housing Authority (CHA) to C/S Loomis Courts Limited Partnership (Loomis) to cover expenses through December 31, 2024, in the amount of $665,284.00. This loan was needed to cover an anticipated annual revenue shortfall. The excess funds that were not needed to cover 2024 payables were allocated to supplement revenue in Q125 as the revenue shortfall persists.
Loan to C/S Harrison Courts Limited Partnership
Loan from Chicago Housing Authority (CHA) to C/S Harrison Courts Limited Partnership (Harrison) to cover expenses through December 31, 2024, in the amount of $510,951.00. This loan was needed to cover an anticipated annual revenue shortfall. The excess funds that were not needed to cover 2024 payables were allocated to supplement revenue in Q125 as the revenue shortfall persists.
Respectfully Submitted:
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Angela Hurlock
Interim Chief Executive Officer