Office of the City Clerk - Record #: O2016-2535

• Record #: O2016-2535
• Type: Ordinance
• Status: Passed
• Intro date: 3/16/2016
• Current Controlling Legislative Body: Committee on Finance
• Final action: 4/13/2016
• Title: Amendment of redevelopment agreement with ASAT, Inc. for completion of construction of building at 6401-6415 N Rockwell Ave
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment

Date	Journal Page Number	Action By	Action	Result
4/13/2016	21575	City Council	Passed	Pass
4/11/2016		Committee on Finance	Recommended to Pass	Pass
3/16/2016	19403	City Council	Referred

OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
March 16,2016










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 ordinance authorizing an amendment to a previously passed redevelopment agreement with ASAT, Inc.

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") ofthe City of Chicago (the "City") on March 1, 2006, and published at pages 71048 through 71170 in the Journal ofthe Proceedings ofthe City Council ofthe City of Chicago ("Journal") of such date, the City and ASAT, Inc., an Illinois corporation (the "Original Developer") entered into that certain Redevelopment Agreement dated as of May 31, 2007, and recorded in the Office ofthe Recorder of Deeds of Cook County, Illinois (the "Recorder's Office"), on June 5, 2007, as Document No. 0715641118 (the "Original Agreement"); and

WHEREAS, pursuant to the Original Agreement, the City conveyed the real property legally described on Exhibit A attached hereto (the "Disposition Parcels") to the Original Developer by quitclaim deed recorded in the Recorder's Office as Document No. 0716241034 on June 11, 2007; and

WHEREAS, the purchase price for the Disposition Parcels was $1.00, a write-down of $915,000 from the land's then-appraised fair market value; and

WHEREAS, the Original Agreement required the Original Developer to construct a 6-story mixed-use building with retail space, 30 condominium units (including 6 affordable units), a public parking garage, and a public plaza (collectively, the "Project") on the Disposition Parcels and certain adjacent land, including vacated right-of-way and property acquired by the Original Developer, as legally described on Exhibit A attached hereto (together with the Disposition Parcels, the "Property"); a...