OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
March 18,2015
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,
AN ORDINANCE AUTHORIZING THE NEGOTIATED SALE OF 1136-40 S. WABASH AVENUE
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 land commonly known as 1136-40 South Wabash Avenue, Chicago, Illinois, and legally described on Exhibit A attached hereto (the "Property"); and
WHEREAS, 1136 South Wabash LLC, an Illinois limited liability company (the "Developer"), has offered to purchase the Property for Four Million Four Hundred Thousand Dollars ($4,400,000), which amount is equal to the appraised fair market value of the Property; and
WHEREAS, the Developer intends to construct on the Property a mixed-use development with a retail development on the ground floor, and above the retail development, a 20-story building with two hundred eighty (280) residential units, and parking on two floors (the "Project"); and
WHEREAS, by Resolution No. 15-019-21, adopted by the Plan Commission ofthe City (the "Plan Commission") on February 19, 2015, the Plan Commission recommended the sale of the Property; and
WHEREAS, public notices advertising the intent of the City's Department of Planning and Development (the "Department") to enter into a negotiated sale with the Developer and requesting alternative proposals appeared in the Chicago Sun-Times on March 14, 21 and 25, 2015; and
WHEREAS, no alternative proposals have been received by...
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