Office of the City Clerk - Record #: O2019-419

• Record #: O2019-419
• 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: Negotiated sale of City-owned property at 2341-2343 W Adams St and redevelopment agreement with Joudeh Investments LLC/MKB Business Strategies LLC Joint Venture
• Sponsors: Emanuel, Rahm
• Topic: AGREEMENTS - Redevelopment, - PROPERTY - Sale

Date	Journal Page Number	Action By	Action	Result
3/13/2019	96426	City Council	Passed	Pass
3/5/2019		Committee on Housing and Real Estate	Recommended to Pass
1/23/2019	93814	City Council	Referred

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 16, 2000, and published at pages 25276 through 25432, in the Journal of the Proceedings of the City Council (the "Journal") of such date: (i) a certain redevelopment plan and project (the "Plan") for the Central West Tax Increment Financing Redevelopment Project Area (the "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 parcel of land known as 2341- 2343 W. Adams Street, Chicago, Illinois, which is legally described on Exhibit A attached hereto (the "Property"): and

WHEREAS, the Property is located in the Area; and

WHEREAS, pursuant to an ordinance adopted by the City Council on August 30, 2000, and published at pages 39746 through 39753 of the Journal of such date, the City and the Near West Side Community Development Corporation, an Illinois not-for-profit ("Original Purchaser"), entered...