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 property located at 4941-45 South Calumet Avenue, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"), which property is located in the 47lh/King Drive Redevelopment Project Area ("Area") established pursuant ordinances adopted by the City Council of the City on March 27, 2002, published in the Journal of Proceedings of the City Council for such date at pages 81232 through 81472; and
WHEREAS, Boulder Real Estate Group, LLC, an Illinois Corporation ("the Grantee"), with a principal business address of 333 West North Avenue, # 415, Chicago, Illinois 60610, has offered to purchase the Property from the City for the sum of Nineteen Thousand and No/100 Dollars ($19,000.00), such amount being the appraised fair market value of the Property with a parking lot in perpetuity deed restriction, to improve with a parking lot thereon; and
WHEREAS, pursuant to Resolution No. .14-101-21 adopted on November 20, 2014, by the Plan Commission of the City of Chicago (the "Commission"), the Commission approved the negotiated sale of the Property to the Grantee; and
WHEREAS, public notice advertising the City's intent to enter into a negotiated sale of the Property with the Grantee and requesting alternative proposals appeared in the Chicago Sun-Times, a newspaper of general circulation, on October 23 and October 30, 2014; and
WHEREAS, no alternative proposals were received by the deadline indicated in the aforesaid notice; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The City Council of the City hereby approves the sale of the Property to the Grantee for the amount of Nineteen Tho...
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