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This record contains private information, which has been redacted from public viewing.
Record #: O2021-4059   
Type: Ordinance Status: Introduced
Intro date: 9/14/2021 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action:
Title: As-is sale of vacant City-owned property to Diamond Realty Management Services, Inc. for conditional use parking lot only on former gas station site at 6941 S Stony Island Ave
Sponsors: Lightfoot, Lori E.
Topic: PROPERTY - Sale
Attachments: 1. O2021-4059.pdf


OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
September 14,2021









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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, 1 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 ("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, pursuant to ordinances adopted by the City Council of the City ("City Council") on October 7, 1998, and published in the Journal of Proceedings ofthe City Council ("Journal") for said date at pages 78137 and 78139 through 78242, the City Council approved a certain redevelopment plan and project ("Redevelopment Plan") for the 71st and Stony Island Tax Increment Financing Redevelopment Project Area ("Redevelopment Area"); and

WHEREAS, the City is the owner of the vacant land located at 6941 South Stony Island Avenue, Chicago, Illinois 60649, which is located in the South Shore Community Area and is legally described on Exhibit A attached hereto (the "City Land"); and

WHEREAS, the City Land is located in the Redevelopment Area and is comprised of approximately 0.3 acres (13,165 square feet); and

WHEREAS, the market value of the City Land is $160,000 (the "Purchase Price") based on an appraisal dated August 18, 2020; and
WHEREAS, Diamond Realty Management Services, Inc., an Illinois corporation ("Grantee"), has offered to purchase the City Land from the City for the Purchase Price; and

WHEREAS, Grantee owns the real property located adjacent to the City Land at 6945-49 South Stony Island Avenue, which is improved with a commercial building (the "Building"); and
WHEREAS, Grantee is currently r...

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