Office of the City Clerk - Record #: SO2016-3977

• Record #: SO2016-3977
• Type: Ordinance
• Status: Passed
• Intro date: 5/18/2016
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 6/22/2016
• Title: Sale of City-owned property at 147 S Western Ave (a.k.a. 2348-2352 W Adams St) to Western Adams LLC
• Sponsors: Emanuel, Rahm
• Topic: PROPERTY - Sale

Date	Journal Page Number	Action By	Action	Result
6/22/2016	26501	City Council	Passed as Substitute	Pass
6/21/2016		Committee on Housing and Real Estate	Substituted in Committee	Pass
6/21/2016		Committee on Housing and Real Estate	Substituted in Committee
5/18/2016	23530	City Council	Referred

I SUBSTITUTE
ORDINANCE

WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions of the Constitution of the State of Illinois of 1970, and, as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, the City is the owner of the vacant parcel of real property commonly known as 147 South Western Avenue (a/k/a 2348-52 West Adams Street), Chicago, Illinois, and legally described on Exhibit A attached hereto (the "Property"): and

WHEREAS, pursuant to ordinances adopted by the City Council of the City (the "City Council") on February 16, 2000, and published in the Journal of the Proceedings of the City Council (the "Journal") for such date, (i) a certain redevelopment plan and project (the "Original Plan") for the Central West Tax Increment Financing Redevelopment Project Area (the "Area"), was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq,.) (the "Act"); (ii) the Area was designated as a redevelopment project area pursuant to the Act; and (iii) tax increment financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Original Plan; and

WHEREAS, pursuant to ordinance adopted by the City Council on March 12, 2008, and published in the Journal for such date, the City Council approved an amendment to the Original Plan (the Original Plan, as amended, the "First Amended Plan"); and

WHEREAS, pursuant to ordinance adopted by the City Council on September 8, 2011, and published in the Journal for such date, the City Council approved an amendment to the First Amended Plan (the First Amended Plan, as amended, the "Second Amended Plan"); and

WHEREAS, the Property is located in the Area; and

WHEREAS, Western Adams LLC, an Illinois limited liability company (the "Developer" or "Grantee"), has offered to purchase the Prop...