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 is the owner of the parcel of property located at 3918 South Wells Street, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"), which Property is located in the Stockyards Annex Redevelopment Project Area ("Area") established pursuant to ordinances adopted by the City Council of the City on December 11, 1996 published in the Journal of Proceedings of the City Council for such date at pages 78139 through 78242; and
WHEREAS, Quick Ventures, LLC ("Grantee"), 3922 South Wells Street, 2nd fl. Chicago, Illinois 60609, has offered to purchase the Property from the City for the sum of One Thousand and No/100 Dollars ($1,000.00), such amount being the appraised fair market value of the Property as if unimproved, to improve with landscaped open space that part of the Property which is not currently improved with a garage; and
WHEREAS, pursuant to Resolution No. 13-030-21 adopted on May 16, 2013, by the Plan Commission of the City of Chicago (the "Commission"), the Commission approved the negotiated sale of the Property to the Grantee; and
WHEREAS, public notice advertising the City's intent to enter into a negotiated sale of the Property with the Grantee and requesting alternative proposals appeared in the Chicago Sun-Times, a newspaper of general circulation, on March 22, 2013, and March 29, 2013; and
WHEREAS, no alternative proposals were received by the deadline indicated in the aforesaid notice; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The City Council of the City hereby approves the sale of the Property to the Grantee for the amount of One Thousand and No/100 Dollars ($1,000.00).
SECTION 2. The...
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