Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
Record #: O2019-1879   
Type: Ordinance Status: Passed
Intro date: 3/13/2019 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 4/10/2019
Title: Removal of deed restrictions on prior sale of City-owned property at 4911-4913 S Cicero Ave to Pace Property Group LLC
Sponsors: Emanuel, Rahm
Topic: PROPERTY - Miscellaneous
Attachments: 1. O2019-1879.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
March 13, 2019










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I transmit herewith ordinance authorizing a removal of deed restrictions associated with property located at 4911 South Cicero.

Your favorable consideration of this ordinance will be appreciated.

Mayor


Very truly yours,
ORDINANCE

WHEREAS, the City of Chicago (the "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 October 8, 2014, and published at pages 92203 through 92206 in the Journal of the Proceedings of the City Council ("Journal") of such date, the City conveyed the real property located at 4911-4913 S. Cicero Avenue, as legally described on Exhibit A attached hereto (the "Property"), to Pace Property Group, L.L.C, an Illinois limited liability company (the "Owner"), for Sixty Thousand and No/100 Dollars ($60,000) (the "Purchase Price"); and

WHEREAS, the City transferred the Property by Quitclaim, Deed dated November 24, 2014, and recorded in the Office of the Recorder of Deeds of Cook County, Illinois, on that same date, as Document No. 1432816013 (the "Deed"); and

WHEREAS, the conveyance of the Property to the Owner was subject to the express conditions that: 1) the Property be improved with a surface parking lot within twelve (12) months from the date of the Deed; and 2) the Property be maintained and used as parking lot in perpetuity (collectively, the "Parking Lot Restrictions"); and

WHEREAS, the Deed provides that, in the event that the Parking Lot Restrictions are not met, the City may re-enter the property and revest title in the City; and

WHERE...

Click here for full text