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This record contains private information, which has been redacted from public viewing.
Record #: O2018-3354   
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: Sale of property at 6529-6533 S Stewart Ave and 6530 S Harvard Ave on behalf of Chicago Board of Education
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2018-3354.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR

April 18, 2018










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Fleet and Facility Management, I transmit herewith an ordinance authorizing a sale of city-owned property on behalf of the Board of Education.

Your favorable consideration of this ordinance will be appreciated.
Mayor


Very truly yours,

ORDINANCE

WHEREAS, the City of Chicago (the "City"), is a home rule unit of government under Article VII, Section 6(a) of the Constitution of the State of Illinois and, as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, the Board of Education of the City of-Chicago (the "Board"), is a body
corporate and politic, organized under and existing pursuant to Article 34 of the School Code of the State of Illinois, 105 ILCS 5/1-1, et seq. (the "School Code"); and

WHEREAS, the Board is the beneficial owner of the real estate located at 6529-33 South Stewart Avenue and 6530 South Harvard Avenue, Chicago, Illinois, which is improved with the former Hayes Administration Building (the "Building"), and is legally described on Exhibit A attached hereto (the "Property"); and

WHEREAS, title to the Property is held by the City, as Trustee, in Trust for the Use of Schools; and

WHEREAS, pursuant to Section 34-21 (b) of the School Code, by a vote of no less than two-thirds (2/3) of its full membership, the Board determined that the Property has become unnecessary for school purposes, and that the sale of the Property is in the best interests of the Board; and
WHEREAS, one appraisal was made for the Property indicating the appraised disposition value of the Property, as follows:

Appraiser: KMD Valuation Group, LLC
Disposition Value as of March 1, 2017: $75,000 to $100,000; and

WHEREAS, the Board advertised the Property for sale and received one bid for the Property, which was opened in...

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