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...
Click here for full text