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This record contains private information, which has been redacted from public viewing.
Record #: SO2016-538   
Type: Ordinance Status: Passed
Intro date: 1/13/2016 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 2/10/2016
Title: Sale of City-owned property at 3142 W 16th St and 3100-3158 W Ogden Ave to Sinai Health System and Sinai Community Institute
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. SO2016-538 (V1).pdf, 2. SO2016-538.pdf, 3. O2016-538.pdf
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, to induce redevelopment pursuant to the Illinois Tax Increment Allocation Redevelopment Act, 65 ILCS 5/11-74.4-1, et seq., as amended, the City Council of the City (the "City Council") adopted the following ordinances on May 17, 2000: (1) "An Ordinance of the City of Chicago, Illinois Approving a Redevelopment Plan for the Midwest Redevelopment Project Area" as amended pursuant to ordinances adopted on April 14, 2010, May 9,2012 and December 9,2015 (as amended, the "Midwest Redevelopment Plan"); (2) "An Ordinance of the City of Chicago, Illinois Designating the Midwest Redevelopment Project Area as a Redevelopment Project Area Pursuant to the Tax Increment Allocation Redevelopment Act" (the "Midwest Redevelopment Area"); and (3) "An Ordinance of the City of Chicago, Illinois Adopting Tax Increment Allocation Financing for the Midwest Redevelopment Project Area"; and

WHEREAS, pursuant to an ordinance adopted on October 8, 2014, and published at pages 89048 through 89131 in the Journal of the Proceedings of the City Council for such date (the "Ordinance"), the City and Sinai Health System, an Illinois not-for-profit corporation ("Developer"), have entered into that certain Redevelopment Agreement (the "Agreement"), dated as of August 1, 2015, and recorded in the Office of the Recorder of Deeds of Cook County, Illinois, on August 28, 2015, as document no. 152402279, relating to Developer's multi-phase renovation project on multiple parcels of real property which are legally described on Exhibit A attached hereto (the "Property"); and

WHEREAS, under the Agreement, the City contemplated the conveyance of the real properties commonly known as known as 3100-58 W. Ogden Avenue and...

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