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 the amount of Two Hundred Sixty-Five Thousand and No/100 Dollars ($265,000).
SECTION 2. The Commissioner of DPD ("Commissioner") or a designee of the Commissioner is authorized to execute any ancillary closing documents on behalf of the City.
SECTION 3. The Mayor or his proxy is authorized to execute, and the City Clerk or Deputy City Clerk is authorized to attest, a quitclaim deed conveying the Property to the Grantee.
SECTION 4. The transfer of title to the Property to the Grantee must close on or before 120 days from the publication of this ordinance (the "Outside Closing Date"), unless DPD, in its sole discretion extends such Outside Closing Date. If the closing does not occur by the Outside Closing Date, this ordinance shall be null and void and the Grantee shall forfeit the Twenty-Six Thousand Five Hundred and No/100 ($26,500) good faith purchase deposit tendered
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concurrently with Grantee's bid.
SECTION 5. If any provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such provision shall not affect any of the other provisions of this ordinance.
SECTION 6. All ordinances, resolutions, motions or orders inconsistent with this ordinance are hereby repealed to the extent of such conflict.
SECTION 7. This ordinance shall take effect upon its passage and approval.
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EXHIBIT A
Purchaser: Tajinder Nijjar
Purchaser's Address: 933 Breiter Court, Bensenville Illinois 60106
Purchase Amount: $265,000
Appraised Value: $215,000
Legal Description (Subject to Title Commitment and Survey):
Lot 22 in Block 2 in Young and Talbott's Subdivision of Lots 1, 2, 3, 8 and 9 in Block 1 in Borden's Subdivision of the West Vz of the Southeast % of Section 36, Township 40 North, Range 13 East of the Third Principal Meridian, in Cook County, Illinois.
Address:
Property Index Number:
2606 W. Cortland Street Chicago, Illinois 60647
13-36-406-051-0000
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City Council - City of Chicago City Hall, Room 200 121 North LaSalle Street
RAY SUAREZ
Alderman, 31 st Ward
Vice Mayor - City of Chicago
4502 West Fullerton Avenue Chicago, Illinois 60639 Telephone: (773) 276-9100 Fax: (773) 276-2596
Committee Memberships:
Housing and Real Estate (Chairman)
Committees, Rules and Ethics (Vice-Chairman)
Aviation
Budget and Government Operations Finance
Transportation and Public Way Workforce Development and Audit Zoning, Landmarks and Building Standards
April 15,2015 CHICAGO, ILLINOIS
TO THE PRESIDENT AND MEMBERS OF THE CITY COUNCIL:
Your Committee on Housing and Real Estate which was referred seventeen (17) ordinances and one (1) substitute ordinance by the Department of Planning and Development:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18. 19.
5041 S. Bishop St. (47"'/Ashland Redevelopment Project Area)
5033 S. May St
4325 S. Marshfield Ave.
8556 S. Mackinaw Ave. (South Chicago Redevelopment Project Area) 8952 S. Baltimore Ave. (South Chicago Redevelopment Project Area) 4332-34 S. Drexel Blvd. 2513 W. 59th St. 4529 W. Fulton St. 12022 S. Loomis St. 2243 W. Warren Blvd. 2081 N. Stave St.
2606 W. Cortland St. (substitute ordinance) 2448 W. Cortland St.
6038 S. Champlain Ave. & 6224 S. Saint Lawrence Ave.
10601 S. Champlain Ave., 10724 & 10734 S. Langley Ave.
3323 N. Drake Ave. (Mindful Living Garden)
1622 N. Whipple Ave. (Whipple Street Community Garden)
4919 N. Winthrop Ave. (Winthrop Harmony Arts Garden)
1900 S. Avers Ave./3839 W. 19th St.(1900-2100 Avers Block Club Garden)
2638-2642 E. 93rd St. (Calumet Heights Community Association Garden)
4228-4236 W. Ogden Ave. (Lawndale Triangle Neighborhood Garden)
1136-1140 S. Wabash Ave.
225 W. 107th PL (02014-9452)
20Tn WARD 20 WARD 15 WARD 10 WARD 10 WARD 4 WARD 16 WARD 28 WARD 34 WARD 27 WARD 1st WARD 1st WARD 1st WARD 20 WARD 9 WARD 35 WARD 26 WARD 48 WARD 24 WARD 7 WARD 22nd WARD 4 WARD 34 WARD
Having the same under advisement, begs leave to report and recommend that Your Honorable Body Pass the proposed ordinances transmitted herewith.
This recommendation was concurred in by a unanimous vote of the members of the committee present with no dissenting votes.
(signed)
Ray Suarez, Chairman
Committee on Housing & Real Estate