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, the City is the owner of the vacant parcel of property located at 3328 E. 90th Street, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"), which Property is located in the South Chicago Redevelopment Project Area ("Area") established pursuant to ordinances adopted by the City Council of the City on April 12, 2000, published in the Journal of Proceedings of the City Council for such date at pages 28776 and 28778 through 28876; and
WHEREAS, Lake South LLC Series 1, an Illinois Limited liability company ("Grantee"), 3362 South Halsted Street, Chicago, Illinois 60608, has offered to purchase the Property from the City for the sum of Two Thousand Two Hundred and No/100 Dollars ($2,200.00), such amount being the appraised fair market value of the Property, to improve with landscaped open space thereon; 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 June 27, 2014, and July 4, 2014; and
WHEREAS, no alternative proposals were received by the deadline indicated in the aforesaid notice; and
WHEREAS, pursuant to Resolution No. 14-059-21 adopted on July 17, 2014, by the Plan Commission of the City of Chicago (the "Commission"), the Commission approved the negotiated sale of the Property to the Grantee; 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 Two Thousand Two Hundred and No/100 Dollars ($2,200.00).
SECTION 2. The Mayor...
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