AN ORDINANCE OF THE CITY OF CHICAGO, ILLINOIS AUTHORIZING THE NEGOTIATED SALE AND CONVEYANCE OF CITY LAND TO MICO EXPRESS, LLC, AN ILLINOIS LIMITED LIABILITY COMPANY, AND DESIGNATING MICO EXPRESS, LLC, AS DEVELOPER
WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the
provisions ofthe Constitution ofthe 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 December 11, 1996, the City Council of the City (the "City Council"): (i) approved a certain redevelopment plan and project (as amended pursuant to an ordinance adopted by the City Council on October 6, 2005, the "Redevelopment Plan") for the Stockyards Annex 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 4021 South Normal Avenue, Chicago (the "Property"), which Property is legally described on Exhibit 1 attached hereto; and
WHEREAS, the Property is located in the Redevelopment Area; and
WHEREAS, the appraised value ofthe Property as of April 24, 2017, is $806,000; and
WHEREAS, MICO Express, LLC, an Illinois limited liability company (the "Developer"), has submitted a proposal to the Department of Plannin...
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