ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Article VII, Section 6(a) ofthe Constitution ofthe State of Illinois, and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the City has found and does hereby find that there exists within the City a serious shortage of decent, safe and sanitary rental housing available to persons of low- and moderate-income; and
WHEREAS, the City has determined that the continuance of a shortage of decent, safe and sanitary rental housing is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, the Micro Market Recovery Program (the "MMRP") is an initiative ofthe City, administered by the City's Department of Housing and Economic Development ("DHED"), that is designed to jump-start the residential real estate market in communities experiencing high rates of foreclosure, by simultaneously stabilizing tenure and increasing investment in target neighborhood blocks, through the acquisition and rehabilitation of troubled, vacant, abandoned and foreclosed properties in certain targeted areas within the City ("MMRP Target Areas"); and
WHEREAS, the City currently owns, and anticipates acquiring, troubled, vacant, abandoned and foreclosed residential properties and vacant lots in MMRP Target Areas (each such property, including property to-be-acquired by the City, a "Troubled Property"); and
WHEREAS, pursuant to an ordinance passed by the City Council of the City (the "City Council") on June 27,2012 and printed at pages 29961 through 29963 of the Journal of Proceedings of the City Council of the City for such date, the City Council authorized the use of Property Stabilization Funds (as defined in such ordinance) and certain other grant funds for the MMRP; and
WHEREAS, the City desires to convey, from time to time, one or more Troubled Property to MPS Community I, LLC, an Illinois limited ...
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