Office of the City Clerk - Record #: O2014-110

• Record #: O2014-110
• Type: Ordinance
• Status: Passed
• Intro date: 1/15/2014
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 2/5/2014
• Title: Sale of City-owned property at 615 W Division St to 625 West Division LLC
• Sponsors: Emanuel, Rahm
• Topic: PROPERTY - Sale

Date	Journal Page Number	Action By	Action	Result
2/5/2014	74094	City Council	Passed	Pass
1/28/2014		Committee on Housing and Real Estate	Recommended to Pass	Pass
1/15/2014	72301	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR


January 15, 2014










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinances authorizing the sale of city-owned property.

Your favorable consideration of these ordinances will be appreciated.

Mayor

Very truly yours,
ORDINANCE

WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions ofthe Constitution ofthe 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 vacant parcel of property located at 615 West Division Street, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"), which Property is located in the Near North Redevelopment Project Area ("Area") established pursuant to ordinances adopted by the City Council ofthe City ("City Council") on July 30,1997, and published in the Journal of Proceedings of the City Council ("Journal") for such date at pages 49207 through 49373, as amended; and

WHEREAS, 625 W. Division, LLC ("Purchaser"), whose offices are located at 1477 NW Everett Street, Portland, OR 97209, is the owner of the adjacent property located at 625 West Division Street, Chicago, Illinois, which is legally described on Exhibit B attached hereto (the "Adjacent Property"); and

WHEREAS, Purchaser has offered to purchase the Property from the City for the sum of One Hundred Ninety-Three Thousand and No/100 Dollars ($193,000.00), such amount being the appraised fair market value of the Property with an open space in perpetuity deed restriction, to improve with landscaped open space; and

WHEREAS, the Property and the Adjacent Property (collectively, the "Project Site") are located in Planned Development Number 1018 established pursuant to ordinance adopted by the City Council...