SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago ("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, on November 9, 2011, the City Council enacted an ordinance published in the Journal of the Proceedings of the City Council of the City of Chicago for such date at pages 13596 through 13600, inclusive (the "Ordinance"), authorizing the City's negotiated sale of the properties identified as 449 West 22nd Place ("22nd Place Parcel"), and 2344 S. Grove Street ("Grove Street Parcel") (together, the "Property"), as described on Exhibit A attached hereto, to CORU 465, LLC (the "Developer") under the condition that the land be improved with a surface parking lot within twelve (12) months of the date of the quitclaim deed ("Deed") from the City to the Developer, dated December 12, 2011 and recorded with the Cook County Record of Deeds as Document No. 1214218001on May 21, 2012; and
WHEREAS, the Developer was unable to meet the twelve month surface parking improvement date, as such, the City's Department of Transportation ("CDOT") and Department of Planning and Development ("DPD") (together, the "Departments") and the Developer discussed a two-year extension of the deadline to complete construction of the surface parking lot; and
WHEREAS, on July 24, 2013 the City Council enacted an ordinance published in the Journal of the Proceedings of the City Council of the City of Chicago for such date at pages 57956 through 57960, inclusive (the "Time Extension Ordinance") extending the date for Developer's completion of the surface parking lot from December 12, 2012 to May 21, 2015; and
WHEREAS, Developer has since determined, and the Departments have confirmed, that the public right-of-way known as Grove Street was improved by CDOT ("Improved Grove Street ROW") since the Time Extension Ordinan...
Click here for full text