OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 24, 2015
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Planning and Development, I transmit herewith ordinances authorizing the sale of city-owned property.
Your favorable consideration of these ordinances will be appreciated.
Mayor
Very truly yours,
ORDINANCE
WHEREAS, Ihe City of Chicago (the "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 real properties commonly known as 356 and 366 W. Erie Street, Chicago, Illinois, each of which is improved with a surface parking lot, and legally described on Exhibit A attached hereto (subject to final title commitment and survey, the "356 W. Erie Property" and the "366 W. Erie Property", respectively); and
WHEREAS, public notice advertising the City's intent to sell the 356 W. Erie Property appeared in the Chicago Sun-Times, a newspaper of general circulation, on June 13, 22 and 29, 2015, at a listing price of One Million Three Hundred Fifty Thousand and No/100 Dollars ($1,350,000), which is equal to the 356 W. Erie Property's appraised fair market value; and
WHEREAS, public notice advertising the City's intent to sell the 366 W. Erie Property appeared in the Chicago Sun-Times, a,newspaper of general circulation, on June 13, 22 and 29, 2015, at a listing price of One Million Six Hundred Seventy Thousand and No/100 Dollars ($1,670,000), which is equal to the 366 W. Erie Property's appraised fair market value; and
WHEREAS, the City received multiple responsive bids for the 356 W. Erie Property and for the 366 W. Erie Property; and
WHEREAS, the highest responsive bid for the 356 W. Erie Property was submitted by 356-366 Erie, LLC, an Illinois limited liab...
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