COMMERCIAL ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of local government pursuant to Article VII, Section 6 (a) of the 1970 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, the properties at 1501-1513 and 1461-1433 S. Racine Avenue, 1501-1513, 1500-1512, 1461-1433 and 1460-1432 S. Aberdeen Street, 1500-1512 and 1450-1458 S. Morgan Street, 2-68, 74-116, 1-67 and 69-115 W. 15th Street, and 117-167 and 169-215 W. 14th Place, are owned or controlled by University Commons Master Association, an Illinois not-for-profit corporation, (as authorized pursuant to an Easements, Covenants and Restrictions for the University Commons Master Association recorded April 25,2005 with the Cook County Recorder of Deeds as Document Number 0511519017, as amended from time to time), and 70-72 W. 15th Street, owned by HC Realty, LLC, an Illinois limited liability company (together, the "Properties"); and
WHEREAS, University Commons Master Association and HC Realty, LLC propose to use the portion of the streets and alleys to be vacated herein for benefit and use to the respective constructed residential developments (the "Residential Developments"); and
WHEREAS, pursuant to an ordinance dated July 27, 2005 and published in the City Council Journal of Proceedings at pages 54211 through 54216 (the "2005 Vacation Ordinance"), certain public rights of way were vacated (the "Original Vacated Parcels") to Chicago University Commons, L.L.C. (the "Developer"), forthe benefit and use by the Residential Developments, and compensation paid to the City in the amount of Two Million Four Hundred Twelve Thousand and no/100 Dollars ($2,412,000.00); and
WHEREAS, subsequent to the recording of the 2005 Vacation Ordinance, the City and Developer engaged in continuing negotiations concerning: (1) the vacation of certain additional public right of way that needed to be vacat...
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