SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago (the "City") is a municipal corporation and home rule unit of government under Article VII, Section 6(a) of the 1970 Constitution of the State of Illinois, 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 three commercial condominium units known as the Nancy Goldberg International Center, located at 1300 N. Astor Street, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"); and
WHEREAS, the City, with the assistance of an independent real estate broker, has marketed and offered the Property for sale to the public; 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 February 25, March 4 and March 11, 2013, at a listing price of $1,360,000, being the market value as determined by appraisal; and
WHEREAS, Maxim's Chicago Restaurant Partners, LLC ("Grantee"), 858 W. Armitage Street, Suite 283, Chicago, IL 60614, has offered to purchase the Property from the City for the sum of One Million Three Hundred Seventy-Five Thousand and No/100 Dollars ($1,375,000.00) (the "Purchase Price"), with the intent of reopening the space as a gourmet restaurant; and
WHEREAS, the bid submitted by the Grantee was the only bid received and exceeded the listing price; and
WHEREAS, the City, acting by and through the Department of Housing and Economic Development (the "Department"), desires to sell the Property, together with certain personal property located within the Property, to the Grantee for the Purchase Price; and
WHEREAS, by Resolution No. 13-037-21, adopted on June 20, 2013, the Chicago Plan Commission approved the sale ofthe Property; and
WHEREAS, the City is the owner of the domain names maximschicago.com
and maximschicago.org (the "Domain Names"); and...
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