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 to 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, the City programmed Community Development Block Grant funds for its Multi-Unit Rehabilitation Assistance Program ("Multi-Program") whereby acquisition and rehabilitation loans were made available to owners of rental properties containing five or more dwelling units located in low- and moderate-income areas, and the Multi-Program was administered by the City's Department of Housing ("DOH"), the successor of which is the Department of Planning and Development ("DPD"); and
WHEREAS, the City Council of the City (the "City Council"), pursuant to an ordinance enacted on July 29, 1998, and published at pages 74335 to 74340 of the Journal of the Proceedings of the City Council of that date, authorized DOH to provide Multi-Program financing> for the acquisition and rehabilitation of two buildings and parking facilities located at 5628-36, 5629-35 and 5645-47 West Madison Avenue, in Chicago, Illinois (the "Property"), which contain 30 residential dwelling units (the "Project"); and
WHEREAS, on November 23, 1998, the City made a loan in the amount of Five Hundred Thirty-Six Thousand Eight-One and No/100 Dollars ($536,081) (the "City Loan") to Madison Renaissance Development Limited Partnership, an Illinois limited partnership (the "Original Borrower"), as modified by a Loan Modification Agreement, dated as of September 10, 2002, to finance a portion of the costs for the acquisition and rehabilitation the Project; and
WHE...
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