AN ORDINANCE AUTHORIZING THE ISSUANCE, SALE AND DELIVERY OF NOT TO EXCEED $12,500,000 PRINCIPAL AMOUNT OF CITY OF CHICAGO MULTI-FAMILY MORTGAGE REVENUE NOTE, 2017 SERIES A (JOHN PENNYCUFF MEMORIAL APARTMENTS) FOR A LOW INCOME HOUSING DEVELOPMENT TO BE LOCATED AT 2031-2037 N. MILWAUKEE AVENUE; APPROVING THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS IN RELATION THERETO; AND AUTHORIZING CERTAIN OTHER MATTERS IN RELATION THERETO.
WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois (the "Constitution"), 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, 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, 2031-37 North Milwaukee LLC, an Illinois limited liability company (the "Borrower"), of which Metropolitan Housing Development Corporation, an Illinois not-for-profit corporation ("Managing Member"), is a Managing Member (and which managing member it is anticipated will be replaced at closing by 2031-37 N. Milwaukee MM, LLC , an Illinois limited liability company), has proposed a certain low-income housing development project consisting of the acquisition of real property located at 2031-2037 N. Milwaukee Avenue in the City (the "Property"), and construction thereon of a total of approximately 88 residential dwelling units all of which will be incom...
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