SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago (the "Citv") 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 real property commonly known as 365 W. Huron Street, Chicago, Illinois, which is improved with a surface parking lot, and legally described on Exhibit A attached hereto (subject to final title commitment and survey, the "365 W. Huron Property"); and
WHEREAS, public notice advertising the City's intent to sell the 365 W. Huron Property appeared in the Chicago Sun-Times, a newspaper of general circulation, on June 13, 22 and 29, 2015, at a listing price of Two Million Three Hundred Forty Thousand and No/100 Dollars ($2,340,000), which is equal to the 365 W. Huron Property's appraised fair market value; and
WHEREAS, the City received multiple responsive bids for the 365 W. Huron Property; and
WHEREAS, the highest responsive bid for the 365 W. Huron Property was submitted by Morningside Huron, LLC, an Illinois limited liability company, with a principal business address at 223 W. Erie Street, Chicago, Illinois 60654 (the "Grantee"), in the amount of Three Million Seven Hundred Thirty-Nine Thousand Dollars ($3,739,000) (the "365 W. Huron Price"), such amount being greater than the aforementioned appraised fair market value of the 365 W. Huron Property; and
WHEREAS, the City, acting by and through its Department of Planning and Development (the "Department"), desires to sell the 365 W. Huron Property to the Grantee for the 365 W. Huron Price; and
WHEREAS, pursuant to Resolution No. 15-080-21 adopted on September 17,2015, by the Plan Commission of the City (the "Commission"), the Commission recommended that the City, acting by and through the Department, enter into a negotiated sale with the Grantee for the purchase of the 365 W. Huron Property; an...
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