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This record contains private information, which has been redacted from public viewing.
Record #: O2020-3995   
Type: Ordinance Status: Passed
Intro date: 7/22/2020 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 9/9/2020
Title: Negotiated and conditioned sale of City-owned property at 2840-2844 W Roosevelt Rd to Wincorps Ventures LLC
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Redevelopment, - PROPERTY - Sale
Attachments: 1. O2020-3995.pdf
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OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

July 22, 2020










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

Al the request ofthe 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,

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 real property located at 2840-44 West Roosevelt Road, Chicago, Illinois 60612, which is legally described on Exhibit A attached hereto (the "Citv Land"); and

WHEREAS, pursuant to ordinances adopted by the City Council of the City ("City Council") on May 17, 2000, and published in the Journal of Proceedings of the City Council ("Journal") for said date at pages 30775 through 30953, as amended on May 9, 2012, and published in the Journal for said date at pages 25884 through 26069, the City Council approved a certain redevelopment plan and project ("Redevelopment Plan") for the Midwest Redevelopment Project Area ("TIF Area"): and

WHEREAS, the City Land is located in the TIF Area and the North Lawndale Community Area and is comprised of approximately 6,250 square feet; and

WHEREAS, Wincorps Ventures LLC, an Illinois limited liability company (the "Grantee"),has offered to purchase the City Land from the City for the sum of $25,000, such amount being the appraised fair market value of the City Land; and

WHEREAS, Grantee owns the real property located adjacent to the City Land at 2838 West Roosevelt Road, Chicago, Illinois 60612, which is improved with a two-story, mixed-use building ("Building") containing commercial space on the ground floor and resi...

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