Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
Record #: O2019-351   
Type: Ordinance Status: Passed
Intro date: 1/23/2019 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 3/13/2019
Title: Sale of City-owned property at 825 S Kilpatrick Ave to The Will Group, Inc. for remediation and redevelopment of Roosevelt/Cicero project
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Redevelopment, - PROPERTY - Sale
Attachments: 1. O2019-351.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
January 23,2019










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, pursuant to an ordinance adopted by the City Council of the City (the "City Council") on February 5, 1998, and published at pages 60917 through 61070 in the Journal of the Proceedings of the City Council of such date: (i) a certain redevelopment plan and project ("Plan") for the Roosevelt/Cicero Redevelopment Project Area ("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"): (ii) the Area was designated as a redevelopment project area pursuant to the Act; and (iii) tax increment financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and

WHEREAS, the City is the owner of the vacant land commonly known as 825 South Kilpatrick, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"); and

WHEREAS, The Will Group, Incorporated, an Illinois corporation ("WGI"), or a subsidiary or affiliate of WGI comprised of the same principal parties (the "Developer"), has proposed to purchase the Property from the City for the sum of $332,250 (the "Purchase Price"), such amount being $107,750 less than the Property's appraised fair market value of $440,000; and

WHEREAS, the Develo...

Click here for full text