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 one vacant parcel of property located at 3661 South Michigan Avenue, Chicago, Illinois 60653, which is legally described on Exhibit A attached hereto (the "Property"), which Property is located in the Bronzeville Redevelopment Project Area ("Area"), as amended, established pursuant to ordinances adopted by City Council of the City on November 4, 1998, published in the Journal of Proceedings of the City Council for such date at pages 80642 through 80778.
WHEREAS, Cornell Grant and Abiah Grant (the "Grantees"), who have a principal business of 3663 South Michigan Avenue, Chicago, Illinois 60653, have offered to purchase the Property from the City for the sum of Sixty-one Thousand and 00/100 Dollars ($61,000.00), such amount being the appraised fair market value of the Property to improve with landscaped open space thereon; and
WHEREAS, public notice advertising the City's intent to enter into a negotiated sale of the Property with the Grantees and requesting alternative proposals appeared in the Chicago Sun-Times, a newspaper of general circulation, on November 17, 2017 and November 24, 2017; and
WHEREAS, no alternative proposals were received by the deadline indicated in the aforesaid notice; now,
WHEREAS, pursuant to Resolution No. 17-084-21 adopted on December 21, 2017, by the Plan Commission of the City (the "Commission"), the Commission approved the negotiated sale of the Property to the Grantees; therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1. The City Council of the City hereby approves the sale of the Property to the Grantees for the amount of Sixty-one Thousand and 00/100 Dollars ($61,000.00).
SECTION 2. The Mayor or h...
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