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This record contains private information, which has been redacted from public viewing.
Record #: O2015-234   
Type: Ordinance Status: Passed
Intro date: 1/21/2015 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 3/18/2015
Title: Sale of City-owned property at 1944 W Crystal St to 1944 W. Crystal Partners LLC
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2015-234.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR

January 21,2015










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 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 the owner of the vacant parcel of property located at 1944 W. Crystal Street, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"); and
WHEREAS, public notice advertising the City's intent to sell the Property appeared in the Chicago Sun-Times, a newspaper of general circulation, on June 13, 20, and 27, 2014 at a listing price of Six Hundred Thirty Thousand and No/100 Dollars ($630,000), which exceeded the Property's appraised fair market value of Five Hundred Twenty-Five Thousand and No/100 Dollars ($525,000); and

WHEREAS, the City received multiple responsive bids for the Property; and

WHEREAS, the highest responsive bid was submitted by 1944 W. Crystal Partners LLC, an Illinois limited liability company with a principal business address of 2010 W. Fulton Street, Chicago, Illinois 60612 (the "Grantee"), in the amount of Six Hundred Five Thousand and No/100 ($605,000), such amount being greater than the aforementioned appraised fair market value ofthe Property; and

WHEREAS, pursuant to Resolution No. 14-116-21 adopted on December 18, 2014, by the Plan Commission of the City (the "Commission"), the Commission recommended that the City through its Department of Planning and Development ("DPD") enter into a negotiated sale with the Grantee for ...

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