ORDINANCE
WHEREAS, the City of Chicago ("City") is an Illinois municipal corporation; and
WHEREAS, Chicago Southwest Development Corporation ("Developer") is an Illinois not-for-profit corporation; and
WHEREAS, the Board of Education of the City of Chicago ("Board") is the beneficial owner of one vacant parcel of property located at 3201-3345 West 31st Street and 3100-3150 South Kedzie Avenue, Chicago, Illinois (PIN: 16-35-201-012) (the "Property"), and which Property is located in the Little Village Industrial Tax Increment Financing Area ("Area") established pursuant to ordinances adopted by the City Council of the City (the "City Council") on June 13, 2007, and published in the Journal of Proceedings of the City Council ("Journal") for such date at pages 2532 through 2626; and
WHEREAS, pursuant to applicable state law, the City holds legal title to the Property in trust for public schools; and
WHEREAS, pursuant to its power and authority under the School Code of the State of Illinois, 105 ILCS 5/1-1 et. seq. (the "School Code") and pursuant to the Local Government Property Transfer Act, 50 ILCS 605/0.01 eq. seq. (the "LGPTA"), the Board at its meeting on January 25, 2012, pursuant to Board Report 12-0125-OP1 (the "January 25, 2012 Report"), determined that it is necessary or convenient for it to lease the real property commonly known as 4001 North Oak Park Avenue, Chicago, IL (PIN: 13-18-409-050 [part of]) (the "Read-Dunning Property") from the City with an option to purchase in consideration of the conveyance of the real property commonly known as 1450 N. Larrabee Street, Chicago, IL 60610 (PIN: 17-04-106-001 through -014; 17-04-107-005 through -015; 17-04-119-001 through -024; 17-04-119-039; 17-04-119-041; 17-04-120-001 through -023; and 17-04-120-025) (the "Former Near North Property") and the Property by the Board to the City; and
WHEREAS, pursuant to an ordinance adopted by the City Council on May 9, 2012, and published in the Journal for such date at pages ...
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