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Record #: O2013-5535   
Type: Ordinance Status: Passed
Intro date: 7/24/2013 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 9/11/2013
Title: Sale of City-owned property at 1440 S Kolin Ave to Martin Bonds
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2013-5535.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 is the owner of the parcel of property located at 1440 South Kolin Avenue, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"), which Property is located in Ogden/Pulaski Redevelopment Project Area ("Area") established pursuant to ordinances adopted by the City Council of the City on April 9, 2008 published in the Journal of Proceedings of the City Council for such date at pages 24221 through 24477; and

WHEREAS, Martin Bonds ("Grantee"), 12622 South Wentworth Avenue, Chicago, Illinois 60628, has offered to purchase the Property from the City for the sum of Four Thousand and No/100 Dollars ($4,000.00), 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. 13-038-21 adopted on June 20, 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,


SECTION 1. The City Council of the City hereby approves the sale of the Property to the Grantee for the amount of Four Thousand and No/100 Dollars ($4,000.00).

SECTION 2. The Mayor or his prox...

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