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This record contains private information, which has been redacted from public viewing.
Record #: O2016-549   
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 5049-5053 S Michigan Ave to Luna Llena Group LLC
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2016-549.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
January 13, 2016










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 ("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 vacant parcel of property located at 5049-5053 S. Michigan Avenue, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"), which Property is located in the 47th King Drive Redevelopment Project Area ("Area") established pursuant to ordinances adopted by the City Council of the City on March 27, 2002, published in the Journal of Proceedings of the City Council for such date at pages 81231 through 81472; and

WHEREAS, Luna Llena Group LLC, an Illinois limited liability company ("Grantee") of
333 West North Avenue, Suite 415, Chicago, Illinois 60610, has offered to purchase the
Property from the City for the sum of Forty Thousand and No/100 Dollars ($40,000.00), such
amount being the appraised fair market value of the Property, to improve with a parking lot
thereon; and '

WHEREAS, pursuant to Resolution No. 15-111-21 adopted on December 17, 2015, by the Plan Commission of the City of Chicago (the "Commission"), the Commission approved the negotiated sale of the Property to the Grantee; and

WHEREAS, public notice advertising the City's intent to enter into a negotiated sale of the Property with the Grantee and requesting alternative proposals appeared in the Chicago Sun-Times, a newspaper of general circulation, on November 10, 201...

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