OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR k
September 18,2019
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request ofthe Commissioner of Housing, I transmit herewith ordinances authorizing amendments to previously executed negotiated sales of city-owned property.
Your favorable consideration of these ordinances will be appreciated.
Very truly yours,
Mayor
ORDINANCE
WHEREAS, pursuant to an ordinance ("Project Ordinance") adopted by the City Council (the "Citv Council") of the City of Chicago (the "Citv") on July 24, 2019, the City Council authorized the City's sale of the property commonly known as 2021-2023 West Washington, Chicago, Illinois, which property is legally described on Exhibit A attached thereto ("Property") to Franklin Holdings, LLC - Twenty-Eighth Series, an Illinois limited liability company ("Developer") conditioned on the execution of an Agreement for the Sale and Redevelopment of Land substantially in the form of Exhibit B attached thereto ("Redevelopment Agreement"); and
WHEREAS, the Project Ordinance authorized a purchase price of $254,345.63 ("Original Purchase Price"), which reflected the appraised value of the Property as of April 30, 2019, which was $260,000.00 ("Appraised Value"), less $5,654.37 for closing credits of Developer's payment of a title commitment, appraisals and environmental Phase I and Phase II; and
WHEREAS, Developer has provided updated receipts for those closing credits in the total amount of $7,162.80, which will amend the Original Purchase Price for the Property to $252,837.20 ("Amended Purchase Price"); and
WHEREAS, the City and the Developer desire to modify the terms of the Redevelopment Agreement to reflect the Amended Purchase Price; and
WHEREAS, the City is a home rule unit of government by virtue of the provisions of the Constitution ofthe State of Illinois of 1970, and as such, may exercise any power and perform any function perta...
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