Record #: O2018-7793   
Type: Ordinance Status: Passed
Intro date: 9/20/2018 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 10/31/2018
Title: Sale of property at 7025, 7004 and 7034 S Princeton Ave on behalf of Chicago Board of Education to VLV Development and Financial Services Corp. on behalf of Climate Leadership Innovation Center LLC
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2018-7793.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL MAYOR
September 20, 2018










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

i
Ladies and Gentlemen:

At the request of the Commissioner of Fleet and Facility Management, I transmit herewith ordinances authorizing sales of city-owned property on behalf of the Board of Education.

Your favorable consideration of these ordinances 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, created 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 7025, 7004 and 7034 S. Princeton Avenue, Chicago, the former Yale Elementary School as legally described on Exhibit A attached hereto (the "Property"); and

WHEREAS, title to 7025 S. Princeton, PIN: 20-21-421-023 ("Parcel A") is currently held by the Public Building Commission of Chicago for the Board, and title to 7004 and 7034 S. Princeton, PINS: 20-21-420-047 and 20-21-420-031 ("Parcel B") is held by the City, as Trustee, in Trust for the Use of Schools; and

WHEREAS, Parcel B is located adjacent to the former Yale Elementary School and constitutes a portion of Property; and

WHEREAS, pursuant to Section 34-21 (b)(1) of the School Code, by vote of no less than two-thirds (2/3) of its full membership, the Board determined that the Property has become unnecessary, unsuitable, and unprofitable for use as a school or for the purposes of school administration, and that the sale of the Property constitutes the best available use of such real estate for the purpose of...

Click here for full text