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This record contains private information, which has been redacted from public viewing.
Record #: O2016-9127   
Type: Ordinance Status: Passed
Intro date: 12/14/2016 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 1/25/2017
Title: Sale of City-owned property at 3324 E 90th St to Lake South LLC Series 1
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2016-9127.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
December 14, 2016










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request ofthe 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 ofthe vacant parcel of property located at 3324 E. 90th Street, Chicago; Illinois 60617, which is legally described on Exhibit A attached hereto (the "Property"), and which is located in the South Chicago Redevelopment Project Area ("Area"), as amended, established pursuant to ordinances adopted by the City Council of the City (the "City. Council") on April 12, 2000, and published in the Journal of Proceedings of the City Council for such date at pages 28776 and 28778 through 28881; and

WHEREAS, Lake South LLC Series 1 (the "Grantee"), with a principal business address of 3362 South Halsted Street, Suite 100, Chicago, Illinois 60608, has offered to purchase the Property from the City for the sum of Six Hundred and 00/100 Dollars ($600.00), such amount being the appraised fair market value of the Property, to improve with landscaped open space thereon; and

WHEREAS, pursuant to Resolution No. 16-100-21 adopted on November 17, 2016, by the Plan Commission of the City (the "Commission"), the Commission approved the negotiated sale of the Property to the Grantee; 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 gener...

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