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,
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 2448 W. Cortland 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 Two Hundred Eighty-Eight Thousand and No/100 Dollars ($288,000), which exceeded the Property's appraised fair market value of Two Hundred Forty Thousand and No/100 Dollars ($240,000); and
WHEREAS, five responsive bids were received; and
WHEREAS, the highest of the five responsive bids was submitted by Stacort, LLC, an Illinois limited liability company with a principal business address of 53 W. Jackson Street, Chicago, Illinois 60604 (the "Grantee"), in the amount of Two Hundred Ninety-Three Thousand and No/100 Dollars ($293,000), such amount being greater than the aforementioned appraised fair market value of the Property; and
WHEREAS, pursuant to Resolution No. 15-009-21 adopted on January 15, 2015, by the -Plan Commission of the City (the "Commission"), the Commission recommended the City through its Department of Planning and Development ("DPD") enter into a negotiated sale with the Grantee for the purchase of the ...
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