ORDINANCE
WHEREAS, on December 30,1986 the City of Chicago conveyed to S. Gordon and Sons, Inc., pursuant to an Ordinance adopted on March 12,1986, certain parcels of land legally described in the attached Exhibit A and generally located at the northeast corner of West 18th Street and South Canal Street (the "Property"); and
WHEREAS, the Property was conveyed by two deeds of even date which contained certain covenants and conditions regarding the use of the Property and requiring the development thereof with an industrial building (the "Existing Covenants"); and
WHEREAS, the current owner of the Property, Millennium East, LLC, wishes to sell the Property to Nanta Buranakanchana and Nanta Buranakanchana wishes to purchase the Property and develop thereon a Thai themed commercial development (the "New Development"); and
WHEREAS, the City finds the that the New Development is more consistent with its current plans for the area;
and
WHEREAS, the City wishes to promote the New Development by releasing the Existing Covenants contained in the December 30,1986 deeds and replacing them with new covenants and conditions embodied in a Redevelopment Agreement with Nanta Buranakanchana which provides for the timely construction of the New Development; and
WHEREAS, the current owner of the Property has agreed to pay the City the sum of $400,000 as additional consideration for the release and replacement of the Existing Covenants; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO
SECTION 1. The foregoing recitals are hereby adopted as the findings of the City Council.
SECTION 2. The Mayor or his proxy is hereby authorized to execute, and the City Clerk or Deputy City Clerk is authorized to attest, to such documents as necessary and duly approved by the Department of Law to evidence the release of the Existing Covenants imposed by the City's deed dated December 30,1986 and to execute a Redevelopment Agreement with Nanta Buranakanchana providing for ...
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