COMMERCIAL ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of local government pursuant to Article VII, Section 6 (a) of the 1970 constitution of the State of Illinois and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the properties at 3235-3353 E. 86th Street (the "Properties") are owned by Chicago Lakeside Development LLC formerly known as Lakeside Land, LLC, a Delaware Limited Liability Company ("Chicago Lakeside Development LLC"); and
WHEREAS, pursuant to a separate ordinance, Chicago Lakeside Development LLC shall enter into a land swap agreement with the City of Chicago (the "Agreement To Exchange Real Estate") which contemplates Chicago Lakeside Development LLC's dedication of its Properties to the City, as such dedication is herein set forth, for the widening of E. 86th Street, in exchange for the remnant of public way herein vacated; and
WHEREAS, Chicago Lakeside Development LLC proposes to use the portion of the right of way remnant to be vacated herein for its use as a pocket park for a term of twenty (20) years in accordance with the Agreement To Exchange Real Estate; and
WHEREAS, the City Council of the City of Chicago, after due investigation and consideration, has determined that the nature and extent of the public use and the public interest to be subserved is such as to warrant the vacation of part of public right of way remnant described in the following ordinance; now therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1.
TO BE DEDICATED:
THAT PART OF THE SOUTH HALF OF THE SOUTH HALF OF THE SOUTHWEST FRACTIONAL QUARTER OF SECTION 32, TOWNSHIP 38 NORTH, RANGE 15 EAST OF THE THIRD PRINCIPAL MERIDIAN, MORE PARTICULARLY DESCRIBED AS FOLLOWS:
BEGINNING AT THE INTERSECTION OF THE EAST LINE OF SOUTH GREEN BAY
Page 1
AVENUE AS DEDICATED BY MARY P.M. PALMERS ADDITION TO CHICAGO RECORDED SEPTEMBER 30, 1882 AS DOCUMENT ...
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