SUBSTITUTE VACATION AND DEDICATION ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of local government pursuant to Article VII, Section 6 (a) ofthe 1.970 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 Chicago Department of Transportation ("CDOT") has proposed a series of projects for the extension of South Wells Street from its present southerly terminus at Roosevelt Road to connect with the proposed northerly extension of South Wentworth Avenue from its current northerly terminus at 16th Street (collectively, "City Project"); and
WHEREAS, the property bounded by Roosevelt Road, Clark Street, 16th Street and the South Branch of the Chicago River, all as more fully described on Exhibit A attached hereto and incorporated herein (the "Developer Parcel") is owned by Roosevelt/Clark Partners, LLC, a Delaware limited liability company (the "Developer"); and
WHEREAS, the City has identified a portion of the Developer Parcel which property is depicted and legally described in Exhibit B which is attached and incorporated ("Wells Parcels") and which Wells Parcels are needed for the completion of the City Project; and
WHEREAS, the City Council of the City finds that it is useful, desirable and necessary for the City to acquire the fee interest, dedication or other property interests in the Wells Parcels for purposes ofthe City Project; and
WHEREAS, the Developer contemplates the development of a mixed-use project on the Developer Parcel (the "Developer Project"); and
WHEREAS, the Developer Project requires the vacation of portions of dedicated City streets including portions of Lumber Street, Maxwell Street, 14th Street, Stephenson Street and an unnamed street, all of which are depicted and legally described in Exhibit C which is attached and incorporated as ("Vacation Parcels"); and
WHEREAS, the Developer has proposed an exchange of the Wells ...
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