Office of the City Clerk - Record #: O2017-5596

• Record #: O2017-5596
• Type: Ordinance
• Status: Passed
• Intro date: 7/26/2017
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 9/6/2017
• Title: Acceptance of bid from KMIS Developers for purchase of Chicago Board of Education property at 5055 S State St for conversion of school building into light manufacturing facility
• Sponsors: Emanuel, Rahm
• Topic: PROPERTY - Sale

Date	Journal Page Number	Action By	Action	Result
9/6/2017	54835	City Council	Passed	Pass
8/29/2017		Committee on Housing and Real Estate	Recommended to Pass	Pass
7/26/2017	52580	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
July 26, 2017










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Fleet and Facility Management, I transmit herewith ordinances authorizing the sale of property on behalf of the Board of Education.

Your favorable consideration of these ordinances will be appreciated.

Mayor

Very truly yours,
ORDINANCE

WHEREAS, the City of Chicago (the "City") is a municipal corporation and home rule unit of government under Article VII, Section 6(a) of the 1970 Constitution of the State of Illinois and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the Board of Education of the City of Chicago (the "Board") is a body corporate and politic, organized under and existing pursuant to Article 34 of the School Code of the State of Illinois, 105 ILCS 5/1-1, etseq. (the "School Code"); and
WHEREAS, the Board is the beneficial owner of the real estate commonly known as 5055 South State Street, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "School Site"); and
WHEREAS, the School Site is comprised of an approximately 63,779 square foot parcel of land improved with an approximately 63,200 square foot building - the former Attucks/Farren elementary school; and
WHEREAS, title to a portion of the School Site is held by the City, as Trustee, in Trust for the Use of Schools (such portion, the "Property"); and
WHEREAS, title to the rest of the School Site is held by the Public Building Commission of Chicago, a municipal corporation of the State of Illinois (the "PBC"), in trust for the Board; and
WHEREAS, the Board advertised the School Site for sale in early 2017, and received two bids; and

WHEREAS, the bids were opened on March 13, 2017; and
WHEREAS, one appraisal was made for the School Site indicating a disposition range of value as follows:

Appraiser: KMD Val...