SUBSTITUTE ORDINANCE
WHEREAS, by virtue of Section 6(a) of Article VII of the 1970 Constitution of the State of Illinois, 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 there exists within the City a serious shortage of decent, safe and sanitary rental housing available for persons of low- and moderate-income and 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, by this ordinance (this "Ordinance"), the City Council of the City (the "City Council") has determined that it is necessary and in the best interests of the City to provide Multi-Family Housing Financing and certain other funding, as provided herein, to WHP-IID, LLC, an Illinois limited liability company (the "Borrower"), the managing member of which is WHP-IID Manager, LLC, an Illinois limited liability company (the "Managing Member"), the members of which are Brinshore PL, LLC, an Illinois limited liability company, and Michaels Chicago Holding Company 2, LLC, an Illinois limited liability company, to enable it to pay or reimburse a portion of the costs of acquiring, leasing, constructing, rehabilitating and equipping of low- and moderate- income residential facilities and related common facilities consisting of one 12-story tower attached to a 4-story component and containing approximately 96 residential rental apartments, ...
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