SUBSTITUTE ORDINANCE
WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois (the "Constitution"), the City of Chicago (the "City") is a home rule unit of government and as such may exercise any power a/id perform any function pertaining to its government and affairs; and
WHEREAS, as a home rule unit and pursuant to the Constitution, the City is authorized and empowered to issue multi-family housing revenue obligations for the purpose of financing the cost of the acquisition, construction, rehabilitation, development, and equipping of an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and
WHEREAS, Paseo Boricua Arts, LLC, an Illinois limited liability company (the "Borrower"), The Puerto Rican Cultural Center, an Illinois not-for-profit corporation (the "Cultural Center"), and Brinshore Development, L.L.C., an Illinois limited liability corporation ("Brinshorc"), have proposed a certain mixed use development project consisting of the acquisition of real property located at 2709-15 West Division Street in the City and the construction thereon and equipping of a live-story mixed use building that will include on floors two through five affordable housing consisting of 24 apartments comprised of eight studio apartments, eight one bedroom apartments and eight two bedroom apartments together with appurtenant facilities located on the first floor (the "Project") and with a first floor comprised of community spaces, commercial/retail space and a black box performance theater (including the Project, the "Property"); and
WHEREAS, the managing member of the Borrower is Paseo Boricua Arts Manager, LLC, an Illinois limited liability company, with a 0.01% interest (the "Managing Member") and the investor member is Richman Affordable Housing Corp. or such other party selected by Brinshore and is acceptable to the City (the "Investment Member"), with ...
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