COMMERCIAL ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of local government pursuant to Article VII, Section 6 (a) of the 1970 constitution of the State of Illinois and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the properties at 1615-1633 W. Edgewater Avenue and 1614-1628 W. Hollywood Avenue are owned by MCZ Edgewater, LLC, an Illinois limited liability Company and MCZ Edgewater Exchange, LLC, an Illinois limited liability company (together, "Developer"); and
WHEREAS, pursuant to a separate ordinance ("Agreement Ordinance") authorized by the City Council of the City of Chicago ("City Council"), the City and the Developer shall enter into a real estate sales agreement ("Agreement"), whereby the Developer shall acquire, remediate and thereafter convey the portion of the vacated alley ("Vacated Alley"), as set forth herein, to the City for a subsequent lease or conveyance by the City to the Chicago Park District,
WHEREAS, in exchange for the remediation and transfer of the Vacated Alley to the Chicago Park District, the vacation of Vacated Alley shall be made for no compensation and is expressly conditioned on, and the Developer shall not record this ordinance ("Vacation and Dedication Ordinance") until the Developer has delivered to the City a special warranty deed ("Reconveyance Deed") for the Vacated Alley in recordable form naming the City as grantee; and
WHEREAS, in the event that the Developer does not timely convey the Vacated Alley to the City in accordance with the terms of the Agreement and this Vacation and Dedication Ordinance, the City shall record the Reconveyance Deed and reacquire title to the Vacated Alley; and
WHEREAS, the City Council of the City of Chicago, after due investigation and consideration, has determined that the nature and extent of the public use and the public interest to be subserved is such as to warrant the vacation of that portion of ...
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