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This record contains private information, which has been redacted from public viewing.
Record #: O2017-4854   
Type: Ordinance Status: Passed
Intro date: 6/28/2017 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 7/26/2017
Title: Sale of City-owned property at 2327-2341 W Erie St to L&MC Investments LLC and agreement for redevelopment of land for construction of affordable housing
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Miscellaneous
Attachments: 1. O2017-4854.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
June 28,2017










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 estate consisting of five (5) contiguous parcels of vacant land commonly known as 2327-41 West Erie Street, Chicago, Illinois 60612 (the "Property"), which is legally described on Exhibit A attached hereto; and
WHEREAS, the appraised value of the Property as of December 29, 2015 is $2,000,000; and

WHEREAS, L&MC Investments LLC, an Illinois limited liability company (the "Developer") has submitted a proposal to the Department of Planning and Development (the "Department") to purchase the Property; and

WHEREAS the Developer proposes to subdivide the Property into six (6) parcels (the "Parcel(s)") in order to construct six (6) detached single-family, three-bedroom homes as affordable housing (the "Project"); and

WHEREAS, the City has agreed to sell the Property to the Developer in up to six (6) phases for $1 per Parcel ($6 total) on the condition that the Developer sell each home to a household earning no more than 140% of the median income for the Chicago Primary Metropolitan Statistical Area; and

WHEREAS, the purchase price for each home must be affordable to a household earning no more that 120% of the median income for the Chicago Primary Metropolitan Statistical Area; and

WHEREAS, the Department plans to hold a lottery to select eligible buyers for the homes...

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