SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago (the "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 parcels of land commonly known as 1245-57 East 72d Place, Chicago, Illinois, and legally described on Exhibit A attached hereto (the "Property"); and
WHEREAS, the City, by separate ordinance, shall hereafter vacate approximately 128.77 feet of East 72d Place located adjacent to the Property, as depicted in the plat of vacation attached to the Redevelopment Agreement (as hereinafter defined) as Exhibit B (the "Vacated Property"); and
WHEREAS, 7200 South Kimbark, LLC, an Illinois limited liability company (the "Developer"), has submitted a proposal to the Department of Planning and Development (the "Department") to purchase the Property for Eighty-Eight Thousand and No/100 Dollars ($88,000), which is the fair market value of the Property; and
WHEREAS, the Developer owns the real property located north of the Property at 7200 South Kimbark Avenue, and operates an art studio ("Existing Business") thereon; and
WHEREAS, the Developer wishes to expand its Existing Business by constructing a sculpture garden that will be open to the public and off-street parking on the Property and the Vacated Property (the "Project"); and
WHEREAS, by Resolution No. 15-036-2], adopted by the Plan Commission of the City of Chicago (the "Plan Commission") on April 16, 2015, the Plan Commission recommended the sale of the Property; and
WHEREAS, public notices advertising the proposed sale and requesting alternative proposals appeared in the Chicago Sun-Times, a newspaper of general circulation, on April 24, May 1 and 8, 2015; and
WHEREAS, no alternative proposals have been received by the deadline set forth in the aforesaid public notices; now therefore.
BE ...
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