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This record contains private information, which has been redacted from public viewing.
Record #: O2016-8417   
Type: Ordinance Status: Passed
Intro date: 11/16/2016 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 12/14/2016
Title: Sale of City-owned property at 2817-2827 N Natoma Ave to Zitella Management LLC
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2016-8417.pdf

HSG-


OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
November 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 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 real property commonly known as 2817-27 North Natoma Avenue, Chicago, Illinois, which is improved with a vacant one story building, and is legally described on Exhibit A attached hereto (the "Property"); and

WHEREAS, the City engaged the brokerage firm JLL to market the Property on the City's behalf, and pursuant to the terms of its master consulting agreement, JLL is due a two and one-half percent (2.5%) brokerage commission fee, which fee will be paid to JLL by the City; and

WHEREAS, public notice advertising the City's intent to sell the Property appeared in the Chicago Sun-Times, a newspaper of general circulation, on January 11th, 18th, and 25th, 2016 at a listing price of Six Hundred Fifty Thousand and No/100 Dollars ($650,000), which is equal to the Property's appraised fair market value; and

WHEREAS, Zitella Management, LLC, an Illinois limited liability company with a principal place of business of 4970 North Harlem Avenue, Harwood Heights, Illinois 60706 (the "Grantee") submitted the only bid to purchase the Property for One Hundred Fifty Thousand and No/100 Dollars ($150,000) (the "Purchase Price"); and

WHEREAS, the appraisal for the Property did not take into consideration the adverse environmental site conditions at the Property; and

WHEREA...

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