AN ORDINANCE AUTHORIZING THE NEGOTIATED SALE OF 5044-48 SOUTH ASHLAND AVENUE
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, pursuant to ordinances adopted by the City Council of the City (the "City Council") on September 9, 1998, and published in the Journal of the Proceedings of the City Council (the "Journal") of such date: a certain redevelopment plan and project ("Original Plan") for the 47th / Ashland Tax Increment Financing Redevelopment Project Area ("Area"), was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "Act"); the Area was designated as a redevelopment project area pursuant to the Act; and tax increment financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Original Plan; and
WHEREAS, pursuant to ordinances adopted by the City Council on May 10, 2010, April 13, 2011 and February 15, 2012, and published in the Journal of each such date, the City Council approved amendments to the Original Plan (the Original Plan, as Amended, the "Revised Plan"): and
WHEREAS, 51st & Ashland, L.L.C., an Illinois limited liability company (the "Developer"), desires to purchase from the City, for its appraised fair market value of Twenty-Four Thousand and 00/100 Dollars ($24,000.00), the vacant real property commonly known as 5044-48 South Ashland Avenue, Chicago, Illinois, which is located in the Area and is legally described on Exhibit A attached hereto (collectively, the "City Land"), in order to redevelop the City Land as described below; and
WHEREAS, the Developer is in title to the properties commonly known as 5042 and 5050-58 South Ashland Avenue, Chicago, Illinois, whic...
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