SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago (the "City") is a home rule unit of government under Section 6(a), Article VII of the 1970 Constitution of the State of Illinois and as such may legislate as to matters which pertain to its local government and affairs; and
WHEREAS, the City has determined that the continuance of a shortage of affordable housing to persons of low and moderate income is harmful to the health, prosperity, economic stability and general welfare of the City; and
WHEREAS, the City received certain funds from the United States Department of Housing and Urban Development to make loans and grants to expand the long-term supply of affordable housing through, among other things, acquisition, new construction, reconstruction and moderate and substantial rehabilitation in low- and moderate-income areas; and
WHEREAS, on February 25, 1998, the City made a loan of funds in the principal amount of $3,431,758, with an interest rate of two percent per annum (the "Loan"), to Ruth Shriman House Limited Partnership, an Illinois limited partnership ("Borrower"), the general partner of which is Ruth Shriman House, L.L.C., an Illinois limited liability company ("General Partner") and the limited partner of which is 4036 N. Sheridan LLC, an Illinois limited liability company ("Limited Partner"); and
WHEREAS, the Loan funds were used to provide for the acquisition of real property and construction of a multi-family housing residential project containing approximately 82 studio and one bedroom apartments for very-low, low and moderate income senior citizens by the Borrower located generally at 4036-46 North Sheridan Road, Chicago, Illinois 60613 (the "Property"); and
WHEREAS, the Loan was evidenced by (i) that certain Note dated as of February 25, 1998 ("Note") and (ii) that certain Housing Loan Agreement dated as of February 25, 1998 made by and between the Borrower and the City (the "Loan Agreement") and secured by, among other things, the Loan Agreeme...
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