SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago (the "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, pursuant to an ordinance adopted by the City Council ofthe City (the "City Council") on January 11.1991 and published at pages 28768 through 28807, and page 28819, in the Journal of the Proceedings of the City Council (the "Journal") of such date, a certain redevelopment plan and project ("Plan") for the Reed/Dunning Tax Increment Financing Redevelopment Project Area ("Area"), was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "Act"); and
WHEREAS, pursuant to an ordinance adopted by the City Council on January 11,1991 and published at page 28807, and pages 28820 through 28823, in the Journal of such date, the Area was designated as a redevelopment project area pursuant to the Act; and
WHEREAS, pursuant lo an ordinance adopted by the City Council on January 11,1991 and published at page 28823 and pages 28825 through 28829 in the Journal of such date, tax increment financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and
WHEREAS, the City owns the vacant real property commonly known as 4030 N. Oak Park Avenue, Chicago, Illinois, and legally described on Exhibit A attached hereto (the "Property"); and
WHEREAS, the Property is located in the Area; and
WHEREAS, the appraised fair market value ofthe Property is One Hundred Sixty Thousand Dollars ($160,000); and
WHEREAS, New Horizon Center for Developmentally Disabled d/b/a New Horizon Center for Children and Adults with Developmental Disabilities and Autism (the "Developer") has offered to purchase the Property from the City for the sum of On...
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