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This record contains private information, which has been redacted from public viewing.
Record #: O2020-5755   
Type: Ordinance Status: Passed
Intro date: 11/16/2020 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 1/27/2021
Title: Negotiated as-is sale of City-owned property at 4841 N Lipps Ave to 4841 Lipps LLC contingent on removal of environmental hazards and deposit of remediation funds
Sponsors: Lightfoot, Lori E.
Topic: PROPERTY - Sale
Attachments: 1. O2020-5755.pdf
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OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

November 16. 2020










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Housing, I transmit herewith an ordinance authorizing the sale of City-owned property.

Your favorable consideration of this ordinance will be appreciated.

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 property located at 4841 North Lipps Avenue, Chicago, Illinois 60630, which is legally described on Exhibit A attached hereto (the "Property"), which property is located in the Jefferson Park Business District Tax Increment Financing Redevelopment Project Area (the "Area") established pursuant to an ordinance adopted by the City Council of the City of Chicago on September 9, 1998 (as amended in part on March 10, 1999); and

WHEREAS, 4841 Lipps LLC, an Illinois limited liability company (the "Grantee"), with a principal business address of 6730 N. Ionia Avenue, Chicago, Illinois 60646 has offered to purchase the Property from the City for the value determined by a City-ordered Appraisal, which is $208,000 for the property fully-remediated of lead-based paint and asbestos: and

WHEREAS, the cost of remediating the lead-based paint and asbestos hazards in the property is essentially equal to the appraised fair market value of the Property of $208,000, rendering the property essentially worthless in its current condition; 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 July 24, 2020, July 31, 2020 and August 7, 2020;...

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