Sponsor
Alderman Kaplan
Title
Lincoln School Historic Apartments Assignment, Assumption and Novation Agreement
Resolved, that the Mayor and City Clerk be authorized and direct to execute an Assignment, Assumption and Novation Agreement with Lincoln School Historic Apartments and WHP-Lincoln School, LLC, and a Payment in Lieu of Taxes Agreement for the property.
Fiscal Note: The recommended action revises the city's mortgage on this property. It does not write it off. The revision provides for the city to receive a payment of $29,296.00 on this currently non-performing mortgage and for the mortgage to be restructured so that principal and interest are forgiven over a 14 year period (1/14th per year) if the apartments remain affordable for low and moderate income persons. The revision allows the property to be sold to a non-profit organization that will improve the property and has agreed to make payments in lieu of property taxes.