ORDINANCE
WHEREAS, the 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, pursuant to an ordinance ("Ordinance") adopted by the City Council on September 9,2020, and published at pages 20155 through 20189 in the Journal of the Proceedings of the City Council for such date (the "Journal"), the City previously has: (i) acting through the Department of Planning and Development ("Department"), entered into an Agreement for the Purchase and Remediation of Land ("Remediation Agreement") with North Austin Community Center, an Illinois not-for-profit corporation ("Developer"); (ii) conveyed the real property commonly known as 1815-1911 N. Laramie Avenue, Chicago, IL (the "Property") to Developer pursuant to a quitclaim deed dated August 3, 2021, and recorded with the Office of the Recorder of Deeds of Cook County, Illinois, on August 19, 2021, as document number 2123119049; and (iii) entered into an escrow agreement ("Escrow Agreement") with Developer whereby an escrow account was established and the purchase price, in the amount of Two Million One Hundred Twenty-Two Thousand Nine Hundred Dollars ($2,122,900), was deposited in for the purpose of funding certain environmental remediation costs (the "Approved Project Costs") incurred by Developer, as set forth in Exhibit 4 of the Escrow Agreement; and
WHEREAS, at the time the City and Developer executed the Escrow Agreement, the City and Developer did not include as an Approved Project Cost the cost for the excavation, transportation and disposal of the contaminated wood chips that were located on the Property at the time of the City's conveyance; and
WHEREAS, the City and Developer now desire to amend the list of Approved Project Costs in the Escrow Agreement to include the cost for the excavation, transportation a...
Click here for full text