Office of the City Clerk - Record #: O2014-9410

• Record #: O2014-9410
• Type: Ordinance
• Status: Passed
• Intro date: 11/19/2014
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 12/10/2014
• Title: Sale of City-owned property held in trust by City to Blue Star Properties, Inc. at 125 South Clark St
• Sponsors: Emanuel, Rahm
• Topic: PROPERTY - Sale

Date	Journal Page Number	Action By	Action	Result
12/10/2014	100332	City Council	Passed	Pass
12/3/2014		Committee on Housing and Real Estate	Recommended to Pass	Pass
11/19/2014	97427	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
November 19,2014









TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Fleet and Facility Management, I transmit herewith an ordinance authorizing a sale of property held in trust by the City to Blue Star.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
ORDINANCE

WHEREAS, the City of Chicago 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 of Chicago in Trust for the Use of Schools is the owner of the real estate located at 125 S. Clark Street, consisting of an approximately 34,410 square foot site improved with a 507,910 square foot building as legally described on Exhibit A, attached hereto ("Property"); and

WHEREAS, the Board of Education of the City of Chicago (the "Board of Education") recommends to the City Council of the City of Chicago the sale of said Property; and

WHEREAS, pursuant to 105 ILCS 5/34-21 (b) (1), by a vote of not less than two-thirds (2/3) of its full membership, the Board of Education has determined that such Property has become unnecessary, unsuitable, inappropriate and unprofitable to the Board of Education and that a sale would constitute the best available use of such Property for the purpose of deriving revenue to support the Board of Education's authorized purposes; and

WHEREAS, the Board of Education advertised for sale, pursuant to public notices that appeared in the Chicago Sun-Times on three (3) occasions from January 13, 2014 through March 17, 2014, and received five (5) bids (one of which was withdrawn after the completion of the due diligence period) for said Property, which bids were opened in the Department of Procurement and Contracts for the Board of Educat...