Office of the City Clerk - Record #: O2021-783

• Record #: O2021-783
• Type: Ordinance
• Status: Passed
• Intro date: 2/24/2021
• Current Controlling Legislative Body: Committee on Housing and Real Estate
• Final action: 3/24/2021
• Title: Negotiated sale of vacant City-owned property at 5108 W Lake St and 5062 W Lake St to VH Masonry Construction Co.
• Sponsors: Lightfoot, Lori E.
• Topic: PROPERTY - Sale

Date	Journal Page Number	Action By	Action	Result
3/24/2021	28648	City Council	Passed	Pass
3/16/2021		Committee on Housing and Real Estate	Recommended to Pass
2/24/2021	27520	City Council	Referred

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

February 24. 2021










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 properties.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours.

ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government by virtue of the provisions of Article VII, Section 6(a) 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, pursuant to ordinances adopted by the City Council of the City (the "City Council") on December 2, 1998, and published at pages 86361 through 86395, in the Journal of the Proceedings of the City Council for such date: (i) a certain redevelopment plan and project (the "Plan") for the Northwest Industrial Corridor Tax Increment Financing Redevelopment Project Area (the "Area") was approved pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11-74.4-1 et seq.) (the "Act"); (ii) the Area was designated as a redevelopment project area pursuant to the Act; and (iii) tax increment financing was adopted pursuant to the Act as a means of financing certain Area redevelopment project costs (as defined in the Act) incurred pursuant to the Plan; and

WHEREAS, the City is the owner of the vacant parcels of real property located at 5108 and 5062 West Lake Street, Chicago, Illinois 60644, which are legally described on Exhibit A attached hereto (collectively, the "Property"); and

WHEREAS, the Property is located in the Area; and

WHEREAS, VH Masonry Construction Co., which has a principal business address of 5124 W. Lake Street, Chicago, IL 60644 (the "Grantee"), has offered to purchase the Property from the City for the sum of Six...