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 real property commonly known as 1217 North Bosworth Avenue, Chicago, Illinois, which is improved with a surface parking lot, and legally described on Exhibit A attached hereto (the "Property"); and
WHEREAS, Near North Montessori School, an Illinois not-for-profit corporation with a principal place of business of 1434 West Division Street, Chicago, IL 60642 (the "Grantee") submitted a bid to purchase the Property at the appraised fair market value of Three Million Six Hundred Ninety Thousand and No/100 Dollars ($3,690,000); and '
WHEREAS, public notice advertising the City's intent to sell the Property to the Grantee appeared in the Chicago Sun-Times, a newspaper of general circulation, on August 27, September 1, and September 7, 2016; and
WHEREAS, no alternative proposals were received by the due date of September 14, 2016; and
WHEREAS, pursuant to Resolution No. 16-073-21 adopted on August 18, 2016, by the Plan Commission of the City (the "Commission"), the Commission recommended that the City through its Department of Planning and Development ("DPD") enter into a negotiated sale with the Grantee for the purchase of the Property; and
WHEREAS, as conditions of the sale, upon redevelopment of the Property the Grantee must remediate any environmental contamination found on the Property to a standard acceptable to the City, and the Grantee is prohibited from disposing of the Property to a third party without the consent of the City for ten (10) years following conveyance of the Property to the Grantee, and if such permission is granted, Grantee is obligated to share with the City any profits from such sale; and
WHEREAS, the City engaged the brokerage firm CBRE...
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