WHEREAS,;the City of Chicago ("City") is a home rule unit of local government pursuant to Article VII, Section 6 (a) of the 1970 Constitution of the State of Illinois and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the Chicago Board of Education (the "Board") is the owner of certain property located generally at 8131 S, May Street in the City's 21st Ward (the "Property"), which Property contains a long-vacant former Chicago Public School building that is in a blighted and deteriorating condition; and
WHEREAS, Carroll Properties ("Carroll") has indicated its willingness to purchase, redevelop, and rehabilitate the Property, with a residential development project that would potentially include as many as 144 new dwelling units to serve the local neighborhood and the 21 st Ward (the, "Project"); and
WHEREAS, the City Council has determined and finds that the Property is in a blighted and deteriorating condition and in need of redevelopment and rehabilitation, and that it would bein the best interests of the residents of the City for the Board to convey ownership of the* Property to the Public Building Commission of the City so that the City can facilitate the sale of the property to, Carroll and Carroll's subsequent redevelopment of the Property with the: Project.
NOW THEREFORE, BE IT RESOLVED, BY THE MAYOR AND CITY COUNCIL OF THE CITY OF CHICAGO, COOK COUNTY, ILLINOIS as follows:
SECTION 1: The City'Council has considered the development proposal for the Project put forth by Carroll, and finds that the. Project will be beneficial to the economic development of the City and the citizens of the City.
SECTION 2: The,City Council has determined that Carroll's proposalwill create.and/or retain a number of employment opportunities for the residents of the City, thereby contributing to the local economy in an area that is economically challenged.
SECTION 3 : the City Council has determined that it will be...
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