OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
April 15,2015
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 ofthe Constitution ofthe 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 1433 W. Cortez 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 through the Sealed Bid program appeared in the Chicago Sun-Times, a newspaper of general circulation, on July 17, 24 and 31, 2014 with a minimum bid of Three Hundred Thirty-two Thousand and No/100 Dollars ($332,000), which represented eighty percent (80%) ofthe Property's appraised fair market value of Four Hundred Fifteen Thousand and No/100 Dollars ($415,000); and
WHEREAS, two responsive bids were received with the higher bid being Three Hundred Forty-one Thousand and No/100 Dollars ($341,000), but both bids were rejected as inadequate by the Department of Planning and Development (the "Department"); and
WHEREAS, the Department subsequently engaged the City's real estate broker, CBRE, to market the Property pursuant to the terms of its master consulting agreement, with the transaction subject to a three percent (3%) brokerage commission fee; 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 November 24, 2014 and December 1 and 8, 2014 at...
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