SUBSTITUTE ORDINANCE
OF THE CITY OF CHICAGO, ILLINOIS AUTHORIZING THE NEGOTIATED SALE AND CONVEYANCE OF CITY LAND TO ST. LAWRENCE PROPERTIES, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AND DESIGNATING ST. LAWRENCE PROPERTIES, LLC,
AS DEVELOPER
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 has established the Community Development Commission ("CDC") to, among other things, designate redevelopment areas, approve redevelopment plans, and recommend the sale of parcels located in redevelopment areas, subject to the approval of the City Council; and
WHEREAS, pursuant to ordinances adopted on July 8, 1998, and September 29, 2004, the City Council of the City (the "City Council"): (i) approved a certain redevelopment plan and project (as amended, the "Redevelopment Plan") for the 43rd Street/Cottage Grove Avenue Redevelopment Project Area (as amended, the "Redevelopment Area"), pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "Act"); (ii) designated the Redevelopment Area as a redevelopment project area pursuant to the Act; and (iii) adopted tax increment financing pursuant to the Act as a means of financing certain Redevelopment Area project costs incurred pursuant to the Redevelopment Plan; and
WHEREAS, the City is the owner of the real property commonly known as 4615 South St. Lawrence Avenue, Chicago, and the City is also the owner-of the real property commonly known as 4616 South Champlain Avenue, Chicago (together, the "Property"), which Property is legally described on Exhibit A attached hereto; and
WHEREAS, the Property is located in the Redevelopment Area; and
WHEREAS, the appraised value of the Property as of March 7, 2018, is One Hundred Seventy-Three Thousand a...
Click here for full text