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This record contains private information, which has been redacted from public viewing.
Record #: O2021-4740   
Type: Ordinance Status: Passed
Intro date: 10/14/2021 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 11/17/2021
Title: Sale of vacant, as-is City-owned property at 1433-1443 E 77th St, 7700 S Blackstone Ave, and 7708 S Blackstone Ave to Regal Mile Ventures LLC for redevelopment as film studio
Sponsors: Lightfoot, Lori E.
Topic: PROPERTY - Sale
Attachments: 1. O2021-4740.pdf
OFFTCE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

October 14, 2021










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


Ladies and Gentlemen:

At the request ofthe Commissioner ofPlanning 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 ("Citv") 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 an ordinance adopted by the City Council of the City (the "Citv Council") on October 7, 1998, and published at pages 78137 and 78139 through 78242 in the Journal of the Proceedings of the City Council for such date, the City Council: (i) approved a certain redevelopment plan and project (the "Redevelopment Plan") for the 71st and Stony Island Tax Increment Financing Redevelopment Project Area (the "Redevelopment Area"), pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended, 65 ILCS 5/11-74.4-1 et seq. (the "TIF Act"), (ii) designated the Redevelopment Area as a redevelopment project area pursuant to the TIF Act; and (iii) adopted tax increment allocation financing pursuant to the TIF Act as a means of financing certain Redevelopment Area redevelopment project costs (as defined in the TIF Act) incurred pursuant to the Redevelopment Plan; and

WHEREAS, the City is the owner ofthe vacant land located at 1433-43 East 77th Street and 7700-08 South Blackstone Avenue, Chicago, Illinois 60619, which is legally described on Exhibit A attached hereto (the "Property"); and

WHEREAS, the Property is located in the Redevelopment Area; and

WHEREAS, Regal Mile Ventures LLC, an Illinois limited liability company ("Grantee"), intends to develop a film studio on an approxi...

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