ORDINANCE
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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, MC Blue, LP., an Illinois limited partnership (the "Developer"), has proposed a certain low-income housing development project consisting of the rehabilitation of one residential building and of approximately 97 residential dwelling units therein, located generally at 4444 West Lawrence Avenue in Chicago and currently known as Mayfair Commons (the rehabilitation and equipping of the real estate and the building and other improvements thereon, including the residential dwelling units and associated areas in the building shall be known as the "Project"); and
WHEREAS, the Developer has requested that the City issue multi-family housing revenue bonds, notes or other indebtedness in an amount not to exceed $6,500,000 (the "Bonds") for the purpose of financing all or a portion of the Project costs; 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 official intent to reimburse certain eligible expenditures for the Project made prior to the issuance of the Bonds ("Eligible Project Costs") 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 C...
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