ORDINANCE
WHEREAS, pursuant to Section 146 ofthe Internal Revenue Code of 1986, as amended, the City of Chicago (the "City"), as a constitutional home rule city, is allocated a certain amount of volume cap per calendar year in connection with the issuance of tax-exempt bonds by the City; and
WHEREAS, the Illinois Private Activity Bond Allocation Act, 30 ILCS 345/1 et seg,., as amended, provides, among other things, that the corporate authorities of any home rule unit may reallocate all or any portion of its unused allocation of volume cap; and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City of Chicago (the "City Council") on March 23, 2022, and published in the Journal of Council Proceedings for such date at the pages 45421 to 45423 (the "Original Ordinance"), and for the benefit of the Chicago Housing Authority, an Illinois municipal corporation (the "CHA"), the City authorized the reallocation of up to $90,000,000 unused tax-exempt multi-family housing revenue volume cap ("2022 Cap") to the CHA to issue bonds (the "Original Bonds") to finance a portion of the costs of acquisition, rehabilitation, and equipping of an affordable housing development located at 3030 West 21st Place (the "Albany Project") and 3700 West Congress Parkway (the "Gaines Project") (the Albany Project and the Gaines Project being collectively referred to as the "Property"), which consisted of approximately 500 residential rental dwelling units for low-income senior families (collectively, the "Project") to be owned by Albany Gaines Housing Development, LLC, an Illinois limited liability company, the managing member of which was to be Albany Gaines Senior Housing LLC, a to-be-formed Illinois limited liability company, the sole member of which would be Chicago Housing Administration, LLC, an Illinois limited liability company, the sole member of which would be the CHA (provided, management of the Owner would be vested in a special member of the Owner controlled by an...
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