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This record contains private information, which has been redacted from public viewing.
Record #: O2018-3252   
Type: Ordinance Status: Passed
Intro date: 4/18/2018 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 5/25/2018
Title: Negotiated sale of City-owned property at 4021 S Normal Ave to MICO Express LLC, developer
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2018-3252.pdf, 2. O2018-3252 (V1).pdf
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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