Office of the City Clerk - Record #: O2023-814

• Record #: O2023-814
• Type: Ordinance
• Status: Passed
• Intro date: 1/18/2023
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 3/15/2023
• Title: Negotiated sale of City-owned property at 5036-5044 S Prairie Ave to and execution of redevelopment agreement with 5050 Prairie LLC
• Sponsors: Lightfoot, Lori E.
• Topic: PROPERTY - Sale

Date	Journal Page Number	Action By	Action	Result
3/15/2023	61033	City Council	Passed	Pass
3/8/2023		Committee on Housing and Real Estate
1/18/2023	58895	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

January 18, 2023












TO THE HONORABLE. THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith an ordinance authorizing the negotiated sale ofa City-owned property located at 5036-5044 South Prairie Avenue to 5050 Prairie LLC.

Your favorable consideration ofthis ordinance will be appreciated.


Very truly yours.


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 has established the Community Development Commission ("CDC") to, among other things, designate redevelopment areas, approve redevelopment plans, and recommend the sale of parcels located in redevelopment areas, subject to the approval of the City Council ofthe City ("Citv Council"); and

WHEREAS, pursuant to ordinances adopted by the City Council of the City (the "City Council") on March 27, 2002, and published at pages 81231 through 81472 in the Journal ofthe Proceedings of the City Council for such date, the City Council: (i) approved a certain redevelopment plan and project (as amended, the "Redevelopment Plan") for the 47th and King Drive Tax Increment Financing Redevelopment Project Area (the "Redevelopment Area"), pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended, 65 ILCS 5/11-74.4-1 ef seg. (the "TIF Act"), (ii) designated the Redevelopment Area as a redevelopment project area pursuant to the TIF Act; and (iii) adopted tax increment allocation financing pursuant to the TIF Act as a means of financing certain Redevelopment Area redevelopment project costs (as defined in the TIF Act) incurred pursuant to the Redevelopment Plan; and

WHEREAS, the City is the owner of the thre...