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 vacant parcel of property located at 5249 West Lake Street, Chicago, Illinois 60644, which are legally described on Exhibit A attached hereto (the "PropertyProperty"); and
WHEREAS pursuant to ordinances adopted by the City Council of the City of Chicago ("City Council") on September 29, 1999, and published at pages 11501 through 11663 in the Journal of Proceedings of the City Council ("Journal") for such date, the City Council approved a certain redevelopment plan and project for the Madison/Austin Redevelopment Project Area; and
WHEREAS, Urban Garden Properties, LLC (the "Grantee"), with a business address of 2003 West Fulton Street, Suite 400, Chicago, Illinois 60612, has offered to purchase the Property from the City for the sum of Fifty One Thousand and 00/100 Dollars ($51,000.00), such amount being the appraised fair market value of the Property, to be improve with a parking lot thereon; and
WHEREAS, pursuant to Resolution No. 17-068-21 adopted on October 19, 2017, by the Plan Commission of the City (the "Commission"), the Commission approved the negotiated sale of the Property to the Grantee; 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 July 21 and 28, 2017; and
WHEREAS, no alternative proposals were received by the deadline indicated in the aforesaid notice; now, 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 Grantee for the amount of Fifty One Thousand ...
Click here for full text