COMMERCIAL VACATION ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of local government pursuant to Article VII, Section 6 (a) of the 1970 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 Catholic Bishop of Chicago, an Illinois corporation sole ("Grantor #1"), owns the properties at 1-35 W. Chicago Avenue, 728-754 N. State Street, 2-24 W. Superior Street, 749-755 N. Dearborn Street and 733-743 N. Dearborn Street, and has conveyed to JDL Superior LLC ("Developer") all of Grantor #1 's reversionary interest in the north-south 12 foot public alley that is to be vacated pursuant to this ordinance, pursuant to Grantor #1's quit claim deed, dated November 29, 2018, and recorded on December 5, 2018, as document number 1833906205 ("Deed #1"); and
WHEREAS, Grantor #1's conveyance to Developer pursuant to Deed #1 is conditioned upon and subject to the following: "(1) successful vacation of the alley by Grantee, and (2) Grantee's closing on the purchase from Grantor of, and taking ownership of title to, the real property owned by Grantor and generally bounded by Chicago Avenue, State Street, Superior Street, and Dearborn Street in Chicago, Illinois; provided, if said closing and taking of ownership of title by Grantee does not occur by a date no later than March 31, 2019, then this Quit Claim Deed shall be of no force or effect"; and
WHEREAS, V&K Holdings LLC, an Illinois limited liability company ("Grantor #2"), owns the properties at 745-747 N. Dearborn Street, and has conveyed to Developer all of Grantor #2's reversionary interest in the north-south 12 foot public alley that is to be vacated pursuant to this ordinance, pursuant to Grantor #2's quit claim deed, dated November 29, 2018, and recorded on December 5, 2018, as document number 1833906206 ("Deed #2"); and
WHEREAS, Grantor #2's conveyance to Developer pursuant to Deed #2 is con...
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