ORDINANCE
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 currently leasing from the Metropolitan Water Reclamation District of Greater Chicago, a body politic and political organization existing under the laws of the State of Illinois ("MWRD"), approximately 4.35 acres (189,486 square feet) of land at 31st and Sacramento Avenue, Chicago, Illinois ("Property"). The Departments of Fleet and Facility Management, CDOT, Fire, Water and OEMC currently utilize the Property for various City operations. The Property is legally described on Exhibit A attached hereto; and
WHEREAS, the Property is owned by the MWRD; and
WHEREAS, the City has determined, declared, and found that it is useful, desirable and necessary for the City of Chicago to acquire the Property for public purpose; and
WHEREAS, pursuant to Section 2-51-050 (d) of the Municipal Code, the Commissioner of the Department of Fleet and Facility is authorized to undertake negotiations for the purchase of the Property, subject to the approval of the purchase price by the City Council; and
WHEREAS, the MWRD, retained Appraisal Associates, William J. Enright, an Illinois State Certified General Real Estate Appraiser, had the Property appraised (the "Appraisal"). The amount of the Appraisal is One Million Two Hundred and Fifty Thousand and no/100 Dollars ($1,250,000); and
WHEREAS, the Department of Fleet and Facility Management has negotiated a purchase price for the Property in the amount of One Million Two-Hundred Fifty Thousand and no/100 Dollars ($1,250,000) ("Purchase Price") and further has negotiated the principal business terms applicable to the City's purchase of the Property as set forth in the term sheet attached hereto as Exhibit B ("Term Sheet"); and
WHEREAS, the City, actin...
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