INDUSTRIAL VACATION ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of local government pursuant to Article VII, Section 6 (a) ofthe 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 City has experienced a significant loss of industry and jobs in recent years, accompanied by a corresponding erosion of its tax base, due in part to industrial firms' inability to acquire additional property needed for their continued viability and growth; and
WHEREAS, many industrial firms adjoin streets and alleys that are no longer required for public use and might more productively be used for plant expansion and modernization, employee parking, improved security, truck loading areas or other industrial uses; and
WHEREAS, the City can strengthen established industrial areas and expand the city's jobs base by encouraging the growth and modernization of existing industrial facilities through the vacation of public streets and alleys for reduced compensation; and
WHEREAS, the properties at 3246-3266 E. 118th Street, 11630-11658S. Buffalo Avenue, 11631-11659 S. Buffalo Avenue, 11701-11759 S. Buffalo Avenue, 11710-11718 S. Buffalo Avenue, 11722-11746 S. Buffalo Avenue, 11748-11756 S. Buffalo Avenue, 11631-11659 S. Burley Avenue, 11705-11735 S. Burley Avenue, and 11739-11749 S. Burley Avenue are owned by NP Avenue O, LLC, a Missouri limited liability company ("Developer"); and
WHEREAS, the properties at 11700-11708 S. Buffalo Avenue and 11701-11703 S. Burley Avenue are owned by the City of Chicago which, through its Department of Planning and Development, has lent support to the Developer; and
WHEREAS, the Developer proposes to use the portion of the street and alleys to be vacated herein for the construction of an approximately 299,057 square foot building and appurtenances, as part of a multiphase, multibuilding industrial park development in the...
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