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Record #: SO2013-2498   
Type: Ordinance Status: Passed
Intro date: 4/10/2013 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 5/8/2013
Title: Sale of City-owned property at 2130 S Grove St to Lawrence's Fisheries, Inc. and execution of redevelopment agreement for parking lot and improvements to existing restaurant building
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment, - PROPERTY - Sale
Attachments: 1. O2013-2498.pdf, 2. SO2013-2498.pdf

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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