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This record contains private information, which has been redacted from public viewing.
Record #: O2015-2743   
Type: Ordinance Status: Passed
Intro date: 4/15/2015 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 5/6/2015
Title: Sale of City-owned property at 1433 W Cortez St to William A. Bettiga, Jr.
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2015-2743.pdf
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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