SUBSTITUTE ORDINANCE
WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, the City of Chicago (the "City") is a home rule unit of local government and as such may exercise any power and 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, development, and equipping an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"); and
WHEREAS, the City has determined 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 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, the Borrower (as hereinafter defined) has a contract to purchase the real property located at 832-34 West 79th Street and legally described on Exhibit F attached hereto (the "Private Property "); and
WHEREAS, the City is the owner of two parcels of land, one located at 836-58 West 79th Street and legally described on Exhibit F (the "836-58 W. 79th Street Parcel" and together with the Private Property, the "West Parcel") and the other located at 757 West 79th Street and legally described on Exhibit F (the "East Parcel"); and
WHEREAS, the 836-58 W. 79th Street Parcel and the East Parcel are collectively referred to herein as the "City Property," and the City Property and the Private Property are collectively referred to herein as the "Property"; and
WHEREAS, by this ordinance (this "Ordinance"), the City Council of the City (the "City Council") has determined that it is necessary and in the best interests ofthe City to provide Multi-Family...
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