ORDINANCE AUTHORIZING THE NEGOTIATED SALE AND CONVEYANCE OF CERTAIN CITY PARCELS TO CHICAGO SOUTHWEST DEVELOPMENT CORPORATION
AND DESIGNATING CHICAGO SOUTHWEST DEVELOPMENT CORPORATION AS DEVELOPER
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 ("Commission") to, among other things, designate redevelopment areas and approve redevelopment plans, and recommend the purchase' and sale of parcels located in redevelopment areas, subject to the approval of the City Council of the City of Chicago ("City Council"); and
WHEREAS, the Property (as herein defined) is located in the Little Village Industrial Tax Increment Financing Area (the "Area") established pursuant to ordinances adopted by the City Council of the City on June 13, 2007 and published in the Journal of Proceedings of the City Council for such date at pages 2532 through 2626; and
WHEREAS, the use of tax increment financing provides a mechanism to support new growth through leveraging of private investment, and helps to finance, among other things, land acquisition, demolition, remediation, site preparation and infrastructure for new development in the Area and can reduce or eliminate conditions that qualify the Area as a redevelopment area; and
WHEREAS, in furtherance of such redevelopment objectives, a parcel of real property in the Area has been identified that the City seeks to acquire, either through negotiated purchase or by exercise of the City's eminent domain power and authority, which parcel has the addresses of 3200 South Kedzie Avenue, 3230 West 31st Street and 3354 West 31st Street in Chicago, Illinois (the "Property"), and which Property is legally described on Exhibit A attached -hereto; and
WHEREAS, following such ac...
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