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This record contains private information, which has been redacted from public viewing.
Record #: O2017-4072   
Type: Ordinance Status: Passed
Intro date: 5/24/2017 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 6/28/2017
Title: Sale of City-owned property at 1642 N Kostner Ave to WD Exchange LLC
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2017-4072.pdf

WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions ofthe 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 1642 North Kostner Avenue, Chicago, Illinois 60639, which is legally described, on Exhibit A attached hereto (the "Property"), and is located in the Northwest Industrial Corridor Redevelopment Project Area ("Area"), established pursuant to ordinances adopted by the City Council of the City ("City Council") on December 2, 1998, and published in the Journal of Proceedings ofthe City Council for such date at pages 86178 through 86395; and

WHEREAS, WD Exchange LLC, an Illinois limited liability company, with a business address of 401 North Michigan Avenue 24th Floor, Chicago, Illinois 60611 (the "Grantee"), has offered to purchase the Property from the City for the sum of One Hundred Thousand and 00/100 Dollars ($100,000.00), such amount being the appraised fair market value of the Property, to improve with a 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 March 29 and April 5, 2017; and
WHEREAS, no alternative proposals were received by the deadline indicated in the aforesaid notice; and

WHEREAS, pursuant to Resolution No. 17-030-21 adopted on April 20, 2017, by the Plan Commission of the City (the "Commission"), the Commission approved the negotiated sale ofthe Property to the Grantee; now, therefore,


SECTION 1. The City Council hereby approves the sale of the Property to the Grantee for the amount of One Hundred Thousand and 00/100 Dollars ($100,000.00),


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