OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
September 24, 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 (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 real property commonly known as 366 W. Superior Street, Chicago, Illinois, which is improved with a surface parking lot, and legally described on Exhibit A attached hereto (subject to final title commitment and survey, the "366 W. Superior Property"); and
WHEREAS, public notice advertising the City's intent to sell the 366 W. Superior Property appeared in the Chicago Sun-Times, a newspaper of general circulation, on June 13, 22 and 29, 2015, at a listing price of Two Million One Hundred Twenty Thousand and No/100 Dollars ($2,120,000), which is equal to the 366 W. Superior Property's appraised fair market value; and
WHEREAS, the City received multiple responsive bids for the 366 W. Superior Property;
and
WHEREAS, the highest responsive bid for the 366 W. Superior Property was submitted by 360-366 Superior, LLC, an Illinois limited liability company, with a principal business address at 1101 W. Monroe Street, Suite 200, Chicago, Illinois 60607 (the "Grantee"), in the amount of Three Million Seven Hundred Seventy-Five Thousand Dollars ($3,775,000) (the "366 W. Superior Price"), such amount being greater than the aforementioned appraised fair market value of the 366 W. Superior Property; and
WHEREAS, the City, acting by and through its Department of Plan...
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