OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
November 1, 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 5045 South Cicero Avenue, Chicago, Illinois 60632, which is legally described on Exhibit A attached hereto (the "Property"), which property is located in the Cicero/Archer Redevelopment Project Area ("Area") established pursuant to ordinances adopted by the City Council of the City ("City Council") on May 17, 2000, published in the Journal of Proceedings of the City Council for such date at pages 31380 through 31518; and
WHEREAS, Pace Property Group, LLC, an Illinois Limited Liability Company (the "Grantee"), with a principal business address of 200 West Madison Street, Suite 4200, Chicago, Illinois 60606, has offered to purchase the Property from the City for the sum of Three Hundred Sixty-five Thousand and No/100 Dollars ($365,000.00), such amount being the appraised fair market value of the Property, to maintain the existing parking lot thereon; 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 August 29, 2016 and September 5, 2016; and
WHEREAS, no alternative proposals were received by the deadline indicated in the aforesaid notice; and
WHERE...
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