Regular Village Board meetings are held at 7:30 p.m., the first and third Mondays of each month in Council Chambers of Village Hall, 123 Madison St. When a regular meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions, usually on the second and fourth Monday. However, dates and times of special meetings can vary and may change.

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File #: RES 22-134    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 6/21/2022 Final action: 6/21/2022
Title: A Resolution Approving the Release of a Mortgage Granted to the Oak Park Residence Corporation in the Amount of $135,663.00 for the Property Located at 7 Van Buren Street and Authorizing Its Execution
Attachments: 1. Resolution Release Mortgage, 2. Release of Mortgage
Submitted By
Tammie Grossman, Development Customer Services Director

Reviewed By
A.M. Zayyad

Agenda Item Title
Title
A Resolution Approving the Release of a Mortgage Granted to the Oak Park Residence Corporation in the Amount of $135,663.00 for the Property Located at 7 Van Buren Street and Authorizing Its Execution

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Overview
Overview
The Oak Park Residence Corporation (OPRC) mortgaged 7 Van Buren, Oak Park IL 60302, on October 25, 2004, in the amount of $135,663.00. This mortgage is scheduled for repayment to the Village of Oak Park on October 25, 2024. Community Development Block Grant (CDBG) Revolving Loan Funds were used to mortgage this property in 2004. The Oak Park Residence Corporation is requesting the Village to amend this loan to be utilized as a grant.

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Recommendation
Recommendation
Adopt the Resolution.

Fiscal Impact
The Village of Oak Park is an entitlement community receiving an annual grant from the U.S. Department of Housing and Urban Development (HUD) annually. There is no fiscal impact on the General Revenue Funds. Funds utilized for this mortgage was set aside by the Village for the improvement of the multi-family buildings by the OPRC and if repaid, the funds would go back into the Revolving Loan Fund dedicated for the OPRC's use for subsequent projects. Since the funds were used for an eligible CDBG program and population, HUD does not require that the Village request re-payment of the loan.

Background
On October 25, 2004, the Oak Park Residence Corporation received a mortgage loan from the Village of Oak Park in the amount of $135,663.00 for the property at 7 Van Buren, Oak Park, IL 60302, through Community Development Block Grant (CDBG) funds. This loan is scheduled to remit payment in full on October 25, 2024. The Oak Park Residence Corporation is requesting the Village to forgive the loan and not require the repayment of the $135,663.00

Alternatives
Not approve the resolution and have the loan paid in full on Oct...

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