OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
December 9,2015
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 ordinance authorizing an amendment to a previously passed land sale with the Griffin Theater.
Your favorable consideration of this ordinance will be appreciated.
Mayor
Very truly yours,
AMENDMENT TO ORDINANCE
WHEREAS, pursuant to an ordinance adopted by the City Council (the "City Council") of the City of Chicago (the "City") on July 28, 2010, and published at pages 97374 through 97410 in the Journal of the Proceedings of the City Council of the City of Chicago ("Journal") of such date, the City and Griffin Theatre Company, an Illinois not-for-profit corporation ("Developer"), entered into that certain Agreement for the Sale and Redevelopment of Land dated as of January 21., 2011, and recorded in the Office of the Recorder of Deeds of Cook County, Illinois (the "Recorder's Office"), on January 24, 2011, as Document No. 1102444032 (the "Original Agreement"); and
WHEREAS, pursuant to the Original Agreement, the City conveyed the real property legally described on Exhibit A attached to the First Amendment (as hereinafter defined) (the "City Property") to Developer by quitclaim deed recorded in the Recorder's Office as Document No. 1102444033 on January 24, 2011; and
WHEREAS, the City Property is improved with a vacant structure that previously housed the City's 20th District Police Station and an adjoining parking lot; and
WHEREAS, the Developer paid $1.00 for the City Property, a write-down from its then-appraised fair market value of $1,200,000; and
WHEREAS, the land write-down was based on the Developer's agreement to redevelop and operate the City Property as a theater for a period of ten years; and
WHEREAS, the Original Agreement permitted the Developer to construct the project in two phases ("Phase I" and "Phase...
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