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 City, pursuant to the Home Investment Partnerships Program ("HOME"), received from the United States Department of Housing and Urban Development an allocation of funds to make loans and grants to expand the long-term supply of affordable housing through, among other things, the acquisition, new construction, reconstruction and moderate and substantial rehabilitation in low and moderate-income areas; and
WHEREAS, on April 7, 1993, the City made a loan of HOME funds in the principal amount of One Million Four Hundred Eighty-Three Thousand Sixty-Nine and No/100 Dollars ($1,483,069) (the "City Loan") to Renaissance West Limited Partnership, an Illinois limited partnership (the "Original Borrower"), with an interest rate of zero percent (0%) per annum, as set forth in that certain Note dated as of April 7, 1993, given to the City by the Original Borrower; and
WHEREAS, pursuant to an ordinance adopted by the City Council (the "City Council") of the City on November 18, 2015 and published at pages 13231 through 13234 of the Journal of Proceedings for such date, the City Council approved the extension to the maturity date of the Loan to May 1, 2023 (the "Maturity Date"), pursuant to that certain First Amendment to the City Loan Agreement dated as of April 7, 1993 by and between the Original Borrower and the City; and
WHEREAS, proceeds of the City Loan were used to provide for the acquisition and construction by the Origi...
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