SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions ofthe Constitution ofthe 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 parcels of property located at 2124-40 West Lake Street, Chicago, Illinois, which are legally described on Exhibit A attached hereto ("Properties"), and which Properties are located in the Kinzie Industrial Conservation Area Tax Increment Redevelopment Project Area ("Area") established pursuant to ordinances adopted by the City Council on June 10, 1998, and published in the Journal of Proceedings of the City Council for such date at pages 70367 through 70520; and
WHEREAS, the City, acting through its Department of Planning and Development ("DPD"), offered the Properties for sale through a sealed bid'auction pursuant to Chapter 2-158 ofthe Municipal Code ofthe City of Chicago; and
WHEREAS, public notices advertising the City's intent to sell the Properties through a sealed bid auction appeared in the Chicago Sun-Times, a newspaper of general circulation, on November 2, November 9, and November 16, 2015; and
WHEREAS, the bids received in response to the public notice were opened in a public meeting before a certified court reporter; and
WHEREAS, DPD received bids from Peppercorn Capital, LLC in the amount of $810,000.00, Dayton Street Partners in the amount of $510,000.00, and MT Foods in the amount of $500,000.00; and
WHEREAS, the appraised "as is" value of the Properties, as of October 11, 2015, was $410,000.00; and
WHEREAS, DPD has recommended that the sealed bid of Peppercorn Capital, LLC, the highest bidder, in the amount of $810,000.00 (the "Purchase Price") be accepted by the City Council; and
WHEREAS, by Resolution No. 16-021-21 adopted on March 17, 2016, the Chicago Plan Commission approved the sale ofthe Properties; now, therefore,
B...
Click here for full text