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This record contains private information, which has been redacted from public viewing.
Record #: O2018-4451   
Type: Ordinance Status: Passed
Intro date: 5/23/2018 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 6/27/2018
Title: Amendment and release of previous deed covenant and agreement restrictions on previous sale of City-owned property at 640 E 79th St
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Miscellaneous
Attachments: 1. O2018-4451.pdf, 2. O2018-4451 (V1).pdf
ORDINANCE
WHEREAS, the City of Chicago (the "City"), as a home rule unit of government under the 1970 Constitution of the State of Illinois, has the authority to promote the health, safety and welfare of its inhabitants, and to enter into contractual agreements with third parties for the purpose of achieving the aforesaid purposes; and
WHEREAS, pursuant to an ordinance adopted by the City Council of the City on September 5, 2007, on November 6, 2007 (the "Closing Date") the City conveyed the property located at 640 East 79th Street, Chicago, Illinois 60619 (the "Property") to a land trust the beneficiaries of which were Clarence and Lisa Hall (the "Developer") pursuant to a quitclaim deed (the "Deed") recorded with the Cook County Recorder of Deeds (the "Recorder") on November 9, 2007 (the "Recording Date") as Document Number 0731333001; and
WHEREAS, pursuant to that certain Agreement for the Sale and Redevelopment of Land (the "Agreement") between the City and the Developer dated as of the Closing Date and recorded with the Recorder on the Recording Date as Document Number 0731333000, the Developer rehabilitated the building located on the Property (the "Building") and covenanted to permit only retail and restaurant uses on the first floor of the Building and office uses on the second floor of the Building (the "Covenant") during the Term of the Agreement (which such Term was defined in neither the Deed nor the Agreement); and
WHEREAS, subsequent to the rehabilitation of the Building the Developer defaulted on their commercial lender financing and consequently lost ownership ofthe Property; and
WHEREAS, the current owner of the Property desires to sell the Property free of the Covenant so as to permit office uses on the first floor of the Building; now, therefore,

Be It Ordained by the City Council of the City of Chicago:
SECTION 1. The forgoing recitals are hereby incorporated herein and adopted as the findings ofthe City Council.
SECTION 2. The Commissioner of t...

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