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This record contains private information, which has been redacted from public viewing.
Record #: O2019-7772   
Type: Ordinance Status: Passed
Intro date: 9/18/2019 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 10/16/2019
Title: Negotiated sale of City-owned property at 2021-2023 W Washington Blvd to Franklin Holdings LLC - 28th Series
Sponsors: Lightfoot, Lori E.
Topic: PROPERTY - Sale
Attachments: 1. O2019-7772.pdf
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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