ORDINANCE
WHEREAS, the City of Chicago ('City") is a home rule unit of government under Article VII, Section 6(a) of the Constitution of the State of Illinois, and as such may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City (the "City Council") on November 9, 2011, and published at pages 13596 through 13600 in the Journal of the Proceedings of the City Council for such date (the "Ordinance"), the City conveyed to CORU 465, LLC ("Grantee"), pursuant to a quit claim deed dated December 12, 2011 ("Deed") certain vacant real property located at 449 West 22nd Place and 2344 South Grove Street, Chicago, Illinois, as legally described on Exhibit A attached hereto (such parcels, collectively, the"Propertv"); and
WHEREAS, the Deed included a covenant running with the land requiring that the Property be improved with a surface parking lot by December 12, 2012;and
WHEREAS, the Deed was recorded in the Office of the Recorder of Deeds of Cook County, Illinois (the "Recorder's Office") on May 21, 2012 as document no. 1214218001; and
WHEREAS, the Grantee has been unable to complete the surface parking lotby December 12, 2012, and has requested a two and a half year extension from the December 12, 2012 deadline to May 21, 2015, to complete construction of the surface parking lot (the "Parking Lot"); and
WHEREAS, the Commissioner ("Commissioner") of the City's Department of Housing and Economic Development ("HED") has agreed to such an extension; and
WHEREAS, the extension of time to complete work provided herein is made upon the express condition that within thirty (30) days after passage of this ordinance.the Grantee shall file or cause to be filed for record in the Office of the Recorder of Deeds of Cook County, Illinois a certified copy of this ordinance, now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The above recita...
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