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 has certain funds available from a variety of funding sources ("Multi-Family Program Funds") to make loans and grants for the development of multi-family residential housing to increase the number of families served with decent, safe, sanitary and affordable housing and to expand the long-term supply of affordable housing, and such Multi-Family Program Funds are administered by the City's Department ofPlanning and Development ("DPD"); and
WHEREAS, DPD has preliminarily reviewed and approved the making of a loan to UPD 47th Street, LP, an Illinois limited Partnership (the "Borrower"), of which the co-general partners are 1) UPD 47th Street, LLC, an Illinois limited liability company, and 2) BYNC 47th Street, LLC, an Illinois limited liability company of which Back of the Yards Neighborhood Council, a Illinois not-for-profit corporation, is the sole member, in an amount not to exceed $2,900,000 (the "Loan"), to be funded from Multi-Family Program Funds pursuant to the terms and conditions set forth in Exhibit A attached hereto and made a part hereof; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The above recitals are expressly incorporated in and made a part of this ordinance as though fully set forth herein.
SECTION 2. Upon the approval and availability of the Additional Financing as shown in
Exhibit A hereto, the Commissioner of DPD (the "Commissioner") and a d...
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