SU BSTIIJJIE 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 Council of the City (the "City Council"), pursuant to ordinances adopted on June 10,1998, and published at pages 70521 through 70712 in the Journal of Proceedings of the City Council (the "Journal") of such date, approved the redevelopment plan for the Pilsen Industrial Corridor Redevelopment Project Area (the "Area"), designated the Area as a redevelopment project area and adopted tax increment financing for the Area, all pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1, et seq.) (the "Act"); and
WHEREAS, the City is the owner of a parcel of real property measuring approximately 25867 square feet located at 2130 South Grove Street, Chicago, Illinois, which is located in the Area, and which is legally described on Exhibit A attached hereto (subject to final title commitment and survey, the "City Land"); and
WHEREAS, Lawrence's Fisheries, Inc., an Illinois Corporation, whose offices are located at 2120 S. Canal Street, Chicago, IL 60616 (the "Developer"), has submitted a proposal to the Department of Housing and Economic Development ("DHED") to purchase the City Land for its appraised fair market value of Three Hundred Thousand Dollars ($300,000.00) (the "Purchase Price") to construct a parking lot and improvements to its existing restaurant building adjacent to the City Land (the "Project"); and
WHEREAS, the City Land has been assessed via a Phase I and Phase II environmental analysis by the City which determined that the City Land contains recognized environmental conditions due to its previous history and use and which requires environmental remediation; and
WHEREAS, in and as additional consideration for the s...
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