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, rehabilitation, 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, by an ordinance adopted by the City Council of the City (the "City Council") on October 16, 2013 and published at pages 60985 through 61086 in the Journal of Proceedings of the City Council (the "Journal") of such date (the "2013 Ordinance"), the City Council previously determined that it was necessary and in the best interests of the City to provide not to exceed Fifty-Eight Million Six Hundred Thousand Dollars ($58,600,000) in Multi-Family Housing Financing (the "Series 2013 Financing"), together with certain other funding, to Rosenwald Courts Apartments, LP, an Illinois limited partnership (the "Borrower"), the general partner of which is Rosenwald Courts GP, LLC, an Illinois limited liability company (the "General Partner"), the managing member of which is GB Rosenwald, LLC, an Illinois limited liability company (the "Managing Member"), to enable it to pay or reimburse a portion of the costs of the "residential project" (as described and defined in the following paragraph) within a building which is located at 4600 South Michigan Avenue (the "Facility") on certain real property (the "Facility Property"), and certain adjacent parcels located at 4638-4652 South Wabash Avenue, 4608 South Wabash Avenue and 4601, 4609 and 4611 South Michigan Avenue (the "Adjacent Property,"...
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