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 bonds for the purpose of financing the cost of acquiring, constructing and equipping an affordable multi-family housing facility for low- and moderate-income families located in the City; 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 of the City to provide financing to St. Edmund's Oasis, LLC, an Illinois limited liability company (the "Borrower"), the manager of which is St. Edmund's Oasis MM, LLC, an Illinois limited liability company, to pay or reimburse a portion of the costs of acquiring, constructing and equipping of low- and moderate- income residential facilities consisting of four (4) buildings containing approximately 58 residential dwelling units and related common facilities (the "Project"), located on scattered sites in the City at 6100 S. Prairie Avenue, 300-310 E. 61st Street and 6141-6153 S. Indiana Avenue, as described in Exhibit A-1 attached hereto (the "Property"), and to pay a portion of the costs of issuance and other costs incurred in connection therewith; and
WHEREAS, the City owns the Property; and
WHEREAS, a current appraisal of the Property indicates that the fair market value of the Property is Six Hundred Thirty Thousand Dollars ($630,000); and
WHEREAS, St. Edmund's Redevelopment Corporation, an Illinois not-for-profit corporation ("SERC"), has proposed to purchase the Property from the City for the sum of Fourteen Dollars ($14) and to immediately transfer the Property to the Borrower to develop the Pro...
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