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This record contains private information, which has been redacted from public viewing.
Record #: O2018-4486   
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 1501 W School St to 1501 W School Acquisition LLC
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2018-4486.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
May 23,2018










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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinances authorizing the sale of city-owned property.

Your favorable consideration of these ordinances will be appreciated.

Mayor


Very truly yours,
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 is the owner of the real property commonly known as 1501 West School Street, Chicago, Illinois, which is improved with a vacant fire house, and ,is legally described on Exhibit A attached hereto (the "Property"); and

WHEREAS, the City engaged the brokerage firm JLL to market the Property on the City's behalf, and pursuant to the terms of its master consulting agreement JLL is due a two and one-half percent (2.5%) brokerage commission fee, which fee will be paid to JLL by the City; and

WHEREAS, public notice advertising the City's intent to sell the Property appeared in the Chicago Sun-Times, a newspaper of general circulation, on January 11,18 and 25, 2016, at a Tisting price of One Million and No/100 Dollars ($1,000,000), which was equal to the Property's appraised fair market value at the time; and

WHEREAS, the City received no responsive bids for the Property; and

WHEREAS, a second public notice advertising the City's intent to sell the Property appeared in the Chicago Sun-Times, a newspaper of general circulation, on April 4, 13 and 27, 2016, at a listing price of One Million and No/100 Dollars ($1,000,000), which was equal to the Property's appraised fair market value at the time; and

WHEREAS, the sole bid was submitted by Kenmore Estates, LLC, in the amount of Eight Hundred Fi...

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