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This record contains private information, which has been redacted from public viewing.
Record #: O2018-8293   
Type: Ordinance Status: Passed
Intro date: 10/31/2018 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 12/12/2018
Title: Negotiated sale of City-owned property at 5743 S Ashland Ave to TDB55 LLC
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Sale
Attachments: 1. O2018-8293.pdf
OFFICE OF THE MAYOR
CITY OI CHICAGO
RAHM EMANUEL
MAYOR
October 31, 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 ofthe Constitution ofthe 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 vacant parcel of property located at 5743 South Ashland Avenue, Chicago, Illinois 60636, which is legally described on Exhibit A attached hereto (the "Property"), which Property is located in the 63rd/Ashland Redevelopment Project Area ("Area"), as amended, established pursuant to ordinances adopted by City Council of the City on March 29, 2006, published in the Journal of Proceedings of the City Council for such date at pages 72958 through 73124.
WHEREAS, the City acquired the property through a Tax Deed-Scavenger Sale, document 0020935482, recorded August 26, 2002, unaware that the property was improved with an active wireless communication tower; and
WHEREAS, the Department of Planning and Development discovered that the property was improved with the active wireless communication tower in 2014 and notified TDB55 LLC (Global Signal Acquisitions IV, LLC) (the "Grantee"), who assumed that the site was held under a long term ground lease; in order that the Grantee could purchase the land; and
WHEREAS, the "Grantee", with a principal business address of 5595 Hansel Avenue, Orlando, Florida 32809, has offered to purchase the Property from the City for the sum of Twenty-One Thousand Five Hundred and 00/100 Dollars ($21,500.00), such amount being the appraised fair market...

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