SUBSTITUTE 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 2606 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 Fifty-Five Thousand and No/100 Dollars ($255,000), which exceeded the Property's appraised fair market value of Two Hundred Fifteen Thousand and No/100 Dollars ($215,000); and
WHEREAS, five responsive bids were received; and
WHEREAS, the highest of the five responsive bids was submitted by Tajinder Nijjar (the "Grantee"), an individual with a personal address of 933 Breiter Court, Bensenville, Illinois 60106 (the "Grantee"), in the amount of Two Hundred Sixty-Five Thousand and No/100 Dollars ($265,000.00), such amount being greater than the aforementioned appraised fair market value of the Property; and
WHEREAS, pursuant to Resolution No. 15-020-21 adopted on February 19, 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 Property; and
WHEREAS, the Property was marketed by the City's real estate broker, CBRE, pursuant to the terms of its master consulting agreement, with the transaction subject to a three percent (3%) brokerage commission fee; now, therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The City Council of the City hereby approves the sale of the Property to the Grantee for ...
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