SUBSTITUTE ORDINANCE AUTHORIZING THE NEGOTIATED SALE AND CONVEYANCE OF A CERTAIN CITY PARCEL TO CHICAGO SOUTHWEST DEVELOPMENT CORPORATION
AND DESIGNATING CHICAGO SOUTHWEST DEVELOPMENT CORPORATION AS DEVELOPER
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 has established the Community Development Commission ("Commission") to, among other things, designate redevelopment areas and approve redevelopment plans, and recommend the sale of parcels located in redevelopment areas, subject to the approval ofthe City Council ofthe City of Chicago ("City Council"); and
WHEREAS, the City is the owner of one vacant parcel of property located at 3201-3345 West 31st Street and 3100-3150 South Kedzie Avenue, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"), and which Property is located in the Little Village Industrial Tax Increment Financing Area ("Area") established pursuant to ordinances adopted by the City Council of the City (the "City Council") on June 13, 2007 and published in the Journal of Proceedings ofthe City Council for such date at pages 2532 through 2626;and
WHEREAS, by Resolution No. 13-009-21, adopted by the Plan Commission ofthe City of Chicago ("CPC") on February 21, 2013, CPC recommended the sale of the Property to the Developer; and
WHEREAS, Chicago Southwest Development Corporation, an Illinois not-for-profit corporation ("Developer"), having an address of 2875 West 19th Street, Chicago, Illinois 60623 has offered to purchase the Property from the City for the sum of One Million and No/100 Dollars ($1,000,000), such amount being a land write down of One Million One Hundred Thousand and No/100 Dollars ($1,100,000) from the Property's appraised fair market value of Two Million One Hundred Tho...
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