Office of the City Clerk - Record #: O2014-4718

• Record #: O2014-4718
• Type: Ordinance
• Status: Passed
• Intro date: 5/28/2014
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 6/25/2014
• Title: Release of property at 1716 W Pershing Rd from burdens of redevelopment agreement and related deed covenants for benefit of Bertco Development LLC
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Lease

Date	Journal Page Number	Action By	Action	Result
6/25/2014	83633	City Council	Passed	Pass
6/18/2014		Committee on Housing and Real Estate	Recommended to Pass	Pass
5/28/2014	80857	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
May 28, 2014









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 an ordinance executing a deed restriction release and associated provisions for Bertco Development,
LLC.

Your favorable consideration of this ordinance will be appreciated.

Mayor

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, pursuant to an ordinance adopted by the City Council of the City of Chicago (the "City Council") on March 1, 2006 and published in the Journal of Proceedings of the City Council (the "Journal") for such date at pages 71567 - 71604 (the "Ordinance") the City entered into that certain Redevelopment Agreement (the "RDA") by and among the City, and James McNaughton-Pershing Road, L.L.C. ("Developer") as originally recorded with the Cook County Recorder of Deeds on June 20, 2007 as Document No. 0717126095, and recorded a second time (with no amendments or changes) on August 20, 2007 as Document No. 0723231082, involving property located at 1716 West Pershing Road, Chicago, Illinois ("Property"), as legally described on Exhibit A attached hereto and made a part hereof; and

WHEREAS, the City issued a deed ("Deed") to the Developer for conveyance of the Property dated June 7, 2007, and recorded with the Cook County Recorder of Deeds on June 20, 2007 as Document No. 0717126094; and
WHEREAS, on May 12, 2011, a Judgment of Foreclosure and Sale ("Foreclosure") was filed against Developer in the Circuit Court of Cook County, Illinois County Department, Chancery Division, Case No. 11 CH 2117; and

WHEREAS, the Property was conveyed to MCN Home SB1, LLC ("MCN"), pursu...