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This record contains private information, which has been redacted from public viewing.
Record #: O2014-5088   
Type: Ordinance Status: Passed
Intro date: 6/25/2014 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 7/30/2014
Title: First amendment to redevelopment agreement for land sale regarding De La Salle Institute
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2014-5088.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
June 25,2014









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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, 1 transmit herewith an ordinance authorizing an amendment of a previously passed land sale regarding the De La Salle Institute.

Your favorable consideration of this ordinance will be appreciated.

Mayor

Very truly yours,
AMENDMENT TO ORDINANCE

WHEREAS, pursuant to an ordinance adopted by the City Council (the "City Council") ofthe City of Chicago (the "City") on May 9, 2007, and published at pages 104793 through 104825 in the Journal of the Proceedings of the City Council of such date, the City and De La Salle Institute, an Illinois not-for-profit corporation (the "Developer") entered into that certain Agreement for the Sale and Redevelopment of Land dated as of December 19, 2007, and recorded in the Office of the Recorder of Deeds of Cook County, Illinois (the "Recorder's Office"), on February 15, 2008, as Document No. 0804631094 (the "Original Agreement"); and

WHEREAS, pursuant to the Original Agreement, the City conveyed the real property legally described on Exhibit A attached to the First Amendment (as hereinafter defined) (the "City Land") to Developer for the expansion of its Bronzeville high school campus; and

WHEREAS, the City transferred the City Land by quitclaim deed recorded in the Recorder's Office as Document No. 0804631095 on February 15, 2008; and

WHEREAS, the City Land was improved with a vacant two-story office building and the surviving structure of the historic Pickford Theater; and

WHEREAS, the Developer paid $250,000 forthe City Land, a write-down of $750,000 (the "Land Write-Down") from its then-appraised fair market value of $1,000,000 (the "Fair Market Value"); and

WHEREAS, the Land Write-Down was based on the Developer's agreement to preserve and renovate the Pickford Theater and other restrictions on use of the...

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