SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions ofthe Constitution ofthe 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 4911 -4913 S. Cicero Avenue, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"), which Property is located in the Cicero/Archer Redevelopment Project Area ("Area") established pursuant to ordinances adopted by the City Council of the City on May 17, 2000, published in the Journal of Proceedings ofthe City Council for such date at pages 31380 through 31518; and
WHEREAS, Pace Property Group, L.L.C, an Illinois limited liability company ("Grantee"), 200 W. Madison Street, Suite 4200, Chicago, Illinois 60606, has offered to purchase the Property from the City for the sum of Sixty Thousand and No/100 Dollars ($60,000.00), 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. 14-041-21 adopted on June 19, 2014, by the Plan Commission ofthe City of Chicago (the "Commission"), the Commission approved the negotiated sale ofthe Property to the Grantee; and
WHEREAS, public notice advertising the City's intent to enter into a negotiated sale ofthe Property with the Grantee and requesting alternative proposals appeared in the Chicago Sun-Times, a newspaper of general circulation, on August 1, 2014, and August 8, 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 Sixty Thousand and No/100 Dollars ($60,00...
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