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This record contains private information, which has been redacted from public viewing.
Record #: O2019-9300   
Type: Ordinance Status: Passed
Intro date: 11/26/2019 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 12/18/2019
Title: Negotiated Sale of vacant City-owned property at 6929-6961 S Kenwood Ave and 1348 E 70th St to The Rebuild Foundation
Sponsors: Lightfoot, Lori E.
Topic: PROPERTY - Sale
Attachments: 1. O2019-9300.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

November 26, 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.


Very truly yours.

V


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, the City is the owner of the vacant parcel of land located at 6929-61 S. Kenwood Avenue and 1348 E. 70th Street, Chicago, Illinois, 60637 which is legally described on Exhibit A attached hereto (the "Property"), which property is located in the 71s,/Stony Island Tax Increment Financing Redevelopment Project Area (the "Area") established pursuant to an ordinance adopted by the City Council of the City of Chicago on October 7, 1998, published in the Journal of Proceedings ofthe City Council for such date at pages 78137 and 78139 through 78242; and
WHEREAS, The Rebuild Foundation NFP, formerly known as Space Fund NFP (the "Grantee"), with a principal business address of 6918 S. Dorchester Avenue, Chicago, Illinois 60637, has offered to purchase the Property from the City for the sum of One Hundred Ninety Thousand and No/100 Dollars ($190,000.00), such amount being the appraised fair market value of the Property; and
WHEREAS, public notice advertising the City's intent to enter into a negotiated sale of the Property with the Grantee and requesting alternative proposals appeared in the Chicago Sun-Times, a newspaper of general circulation, on September 4, September 11 and September 19, 2019; and
WHEREAS, no alternative proposals were received by the deadline indicated in the aforesaid notice;...

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