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This record contains private information, which has been redacted from public viewing.
Record #: O2016-2923   
Type: Ordinance Status: Passed
Intro date: 4/13/2016 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 5/18/2016
Title: Assignment, assumption and amendment to redevelopment agreement with Construction Trades Associates, Inc. and King Drive Development LLC regarding sale of City-owned property at 4913, 4921 and 4939 S Martin Luther King, Jr. Dr
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment
Attachments: 1. O2016-2923.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR


April 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 ordinance authorizing an amendment to a previously passed land sale.

Your favorable consideration of this ordinance 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, pursuant to an ordinance adopted on May 9, 2007, and published at pages 104662 through 104706 in the Journal of the Proceedings of the City Council for such date (the "Ordinance"), the City and Construction Trades Associates, Inc. an Illinois corporation ("Original Developer"), have entered into that certain Agreement for the Sale and Redevelopment of Land dated August 21, 2007, and recorded in the Office of the Recorder of Deeds of Cook County, Illinois (the "Recorder's Office") on August 24, 2007, as document no. 0723633095, relating to Original Developer's construction of twenty (20) condominium units (the "Redevelopment Agreement"'); and

WHEREAS, pursuant to the Ordinance, and in connection with the Redevelopment Agreement, the City has previously conveyed to Original Developer the real property legally described in Exhibit A-l attached hereto (the "City Land'"), by the City's quitclaim deed, dated August 21, 2007, and recorded with the Recorder's Office on August 24, 2007, as document no. 072363396;and

WHEREAS, pursuant to the Redevelopment Agreement, Original Developer is required to build three (3) condominium buildings, with a total of twenty (20) units and twenty (20) off-street parking spaces on the City Land; and

WHEREAS, pursuant to the Redevelopment Agreement, two (2) of...

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