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 3225 West Walnut Street, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"), which property is located in the Chicago/Central Park Redevelopment Project Area established pursuant to ordinances adopted by the City Council of the City on February 27, 2002 published in the Journal of Proceedings of the City Council for such date at pages 79794 through 80025; and
WHEREAS, Bearclaw Development, LLC ("Grantee"), 1003 Ellison St., Falls Church, Virginia 22046, has offered to purchase the Property from the City for the sum of Ten Thousand and No/100 Dollars ($10,000.00), such amount being the appraised fair market value of the Property, to improve with landscaped open space thereon; and
WHEREAS, pursuant to Resolution No. 13-086-21 adopted on December 19, 2013, by the Plan Commission of the City of Chicago (the "Commission"), the Commission approved the negotiated sale of the Property to the Grantee; 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 December 23, 2013, and December 30, 2013; 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 Ten Thousand and No/100 Dollars ($10,000.00).
SECTION 2. The Mayor or his proxy is authorized to execute, and the City Cler...
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