ORDINANCE
WHEREAS, the City of Chicago (the "City"), a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois, has heretofore found and does hereby find that there exists within the City a serious shortage of decent, safe and sanitary rental housing available for persons of low- and moderate-income; and
WHEREAS, the City has determined that the continuance of a shortage of affordable rental housing is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, Woodlawn Roll Up Preservation Associates Limited Partnership, an Illinois limited partnership (the "Borrower"), has proposed the rehabilitation of 16 low-income housing development projects consisting of approximately 196 total residential dwelling units and certain common areas located in the City at 6153-59 South Eberhart Avenue, 6152-58 South Eberhart Avenue, 6201-03 South Eberhart Avenue, 6157 South Evans Avenue, 6428 South Ingleside Avenue, 6323 South Ingleside Avenue, 6350-58 South Kimbark Avenue, 6418 South Maryland Avenue, 6456 South Maryland Avenue, 5615 South Prairie Avenue, 6154-56 South Rhodes Avenue, 6200-06 South Rhodes Avenue, 6153-59 South Saint Lawrence Avenue, 6156-58 South Vernon Avenue, 6200-04 South Vernon Avenue, and 6211-21 South Vernon Avenue (collectively, the "Project"); and
WHEREAS, the Borrower has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed $20,000,000 (the "Bonds") for the purpose of financing all or a portion of the Project costs, including but not limited to the costs incurred in connection with the issuance of the Bonds; and
WHEREAS, it is intended that the interest on the Bonds will be excluded from gross income for federal income tax purposes; and
WHEREAS, it is intended that this ordinance shall constitute a declaration of intent to reimburse certain eligible expenditures for the Project made prior t...
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