SUBSTITUTE 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 is the owner of the vacant parcel of property located at 400 East 107th Street, Chicago, Illinois, which is legally described on Exhibit A attached hereto ("Property"): and
WHEREAS, public notice advertising the City's intent to sell the Property appeared in the Chicago Sun-Times, a newspaper of general circulation, on March 3,10, and 17, 2016, at a listing price of Twelve Thousand and No/100 Dollars ($12,000.00), which is equal to the Property's appraised fair market value; and
WHEREAS, the City received one bid for the Property; and
WHEREAS, the one bid for the Property was submitted by NBT Partners, LLC ("Grantee"). 3201 Edwards Mill Road, Suite 141, PMB #128, Raleigh, North Carolina 27612, in the amount of Twelve Thousand Five Hundred and No/100 Dollars ($12,500.00) (the "Purchase Price"), such amount being greater than the aforementioned appraised fair market value of the Property; and
WHEREAS, the City, acting through its Department of Planning and Development ("DPD"), desires to sell the Property to the Grantee for the Purchase Price; and
WHEREAS, Trileaf conducted a Phase I Environmental Site Assessment ofthe Property due to the Property's prior development as a filling station; and
WHEREAS, the Phase I Environmental Site Assessment Report ("Phase I Report"), dated March 27, 2015, recommended further investigation be conducted; and
WHEREAS, Trileaf conducted a Phase II Environmental Site Assessment based on the conclusions and recommendations ofthe Phase I Report; and
WHEREAS, the Phase II Environmental Site Assessment Report ("Phase II Report"), dated August 15, 2016, recommended that a soil management plan for the Property ("SMP") be drafted to aid in the...
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