SUBSTITUTE ORDINANCE
WHEREAS, by virtue of Section 6(a) of Article VII ofthe 1970 Constitution of the State of Illinois (the "Constitution"), the City of Chicago (the "City") is a home rule unit of 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 of an affordable multi-family housing facility for low- and moderate-income families located in the City ("Multi-Family Housing Financing"), and
WHEREAS, The Chicago Lighthouse Residences 4, LLC, an Illinois limited liability company (the "Borrower"), and Brinshore Development, L.L.C, an Illinois limited liability company ("Brinshore"), have proposed a certain affordable housing development project consisting of the acquisition of real property located at 1134 South Wood Street in the City (the "Property") and the construction thereon and equipping of a portion of the affordable housing development comprised of 45 residential units that include 6 studio units, 27 one-bedroom units and 12 two-bedroom units, together with common areas and approximately 34 parking spaces (the "4% Project"); and
WHEREAS, the 4% Project will constitute a separate and distinct condominium unit within a larger mixed-use building; and
WHEREAS, the members of the Borrower are The Chicago Lighthouse Residences 4 Manager, LLC, an Illinois limited liability company (the "Managing Member"), with a 0.0075% interest, The'Chicago Lighthouse Residences 4 Special Investor Member,, LLC, an Illinois limited liability company (the "Lighthouse Special Investor Member") the sole member of which is The Chicago Lighthouse for People Who Are Blind or Visually Impaired, an Illinois not-for-profit corporation ("Chicago Lighthouse"), with a...
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