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This record contains private information, which has been redacted from public viewing.
Record #: O2018-4471   
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: Sale of City-owned property at 446 E 47th St to The Guichard Project LLC
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2018-4471.pdf
ORDINANCE

WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions of the Constitution of the 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 or lease of parcels located in redevelopment areas, subject to the approval of the City Council of the City ("City Council"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on March 27, 2002, and published at pages 81231-81457 of the Journal of the Proceedings of the City Council ("Journal") of such date, a certain redevelopment plan and project (as amended, the "Plan") for the 47th/King Drive Redevelopment Project Area ("Redevelopment Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "Act"); and

WHEREAS, pursuant to an ordinance adopted by the City Council on March 27, 2002, and published at pages 81458-81465 of the Journal of such date, the Redevelopment Area was designated as a "conservation area" redevelopment project area pursuant to the Act; and

WHEREAS, pursuant to an ordinance adopted by the City Council on March 27, 2002, and published at pages 81466-81472 of the Journal of such date, tax increment allocation financing was adopted pursuant to the Act as a means of financing certain Redevelopment Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and

WHEREAS, the City is the owner of the real property located at 446 East 47th Street, Chicago, Illinois 60653, which is legally described on Exhibit A attached hereto (the "City Land"), and which is located in the Redevelopment Area; and

WHEREAS, the City Land is located in the Grand Boulevard Community Area and is comp...

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