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This record contains private information, which has been redacted from public viewing.
Record #: O2019-4159   
Type: Ordinance Status: Passed
Intro date: 6/12/2019 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 7/24/2019
Title: Sale of City-owned property at 434-436 E 46th Pl to Swift Equity LLC for residential housing project in compliance with Affordable Requirements Ordinance
Sponsors: Lightfoot, Lori E.
Topic: PROPERTY - Sale
Attachments: 1. O2019-4159.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

June 12, 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 ordinances authorizing the sale of City-owned property.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours,

ORDINANCE

WHEREAS, The City of Chicago (the "City") is a home rule unit of government pursuant to Article VII, Section 6(a) ofthe 1970 State of Illinois Constitution and may exercise any power related to its local governmental affairs; and

WHEREAS, The City has established the Community Development Commission ("CDC") to, among other things, designate redevelopment areas and recommend the sale of parcels located in redevelopment areas, subject to the approval of the City Council; and

WHEREAS, Pursuant to ordinances adopted on March 27, 2002 and published at pages 81458 through 81465, in the Journal of the Proceedings of the City Council of such date, the City Council: (i) approved a certain redevelopment plan and project ("Redevelopment Plan") for the 47th/King Drive Tax Increment Financing Redevelopment Project Area ("Redevelopment Area") pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "Act"), (ii) designated the Redevelopment Area as a redevelopment project area pursuant to the Act, and (iii) adopted tax increment financing pursuant to the Act as a means of financing certain Redevelopment Area redevelopment project costs (as defined in the Act) incurred pursuant to the Redevelopment Plan; and

WHEREAS, The City owns that certain property commonly known as 434-436 East 46th Place, Chicago, Illinois, which is located in the Redevelopment Area and legally described on Exhibit A attached hereto ("Property"); and

WHEREAS, The total appraised value of the Property is $108,000 ("Purchase Price"), based on a N...

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