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, GRIT Chicago LLC (the "Developer") is an Illinois limited liability company whose offices are located at 120 North Racine Avenue, Suite 1200, Chicago, Illinois 60607; and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City (the "City Council") on November 4, 1998: (i) a certain redevelopment plan and project ("Plan") for the Bronzeville Redevelopment Project Area ("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 Plan; and
WHEREAS, the City owns the real property known as the former Michael Reese Hospital campus, generally bounded by 26th Street to the north, Lake Park Avenue to the east, 31 st Street to the south and Vernon Avenue to the west (the "City Property"); and
WHEREAS, pursuant to a proposed agreement in substantially the form attached hereto as Exhibit 1 (the "Redevelopment Agreement"), the Developer seeks to purchase certain portions ofthe City Property from the City (the "Development Parcels," as legally described and individually named on Exhibit A-1 to the Redevelopment Agreement) for a mixed-use development to be known as "Bronzeville Lakefront" (the "Development"); and
WHEREAS, the City has agreed to sell the Development Parcels to the Developer for $96,900,000 in consideration of the Developer's obligation to construct the Development in accordance with the terms and conditions of the ...
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