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 for 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 Habitat Company LLC, an Illinois limited liability company ("Habitat") has proposed a certain low-income housing development project consisting of the rehabilitation of approximately one hundred and fifty-three (153) residential dwelling units and certain common areas and parking spaces in connection therewith located at 3300 West Maypole Avenue in the City and currently known as the East Park SRO Project (the "Project"); and
WHEREAS, Habitat has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed Ten Million Dollars ($10,000,000) (the "Bonds") for the purpose of financing all or a portion of the Project costs, including but not limited to the costs incurred in connection with the issuance of the Bonds; and
WHEREAS, it is intended that the interest on the Bonds will be excluded from gross income for federal income tax purposes; and
WHEREAS, it is intended that this ordinance shall constitute a declaration of intent to reimburse certain eligible expenditures for the Project made prior to the issuance of the Bonds from the proceeds of the Bonds (if and when issued) within the meaning of Section 1.150-2 of the Treasury Regulations promulgated under the Internal Revenue Code of 1986, as amended (the "Treasury Regulations"); now, therefore,
Be It Ordained by the City Council of the City of Chicago:
SECTION 1. The above recitals are expressly ...
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