SUBSTITUTE INTERGOVERNMENTAL ORDINANCE DEDICATIONS
WHEREAS, the City of Chicago ("City") is a home rule unit of local government pursuant to Article VII, Section 6 (a) of the 1970 Constitution of the State of Illinois and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, all the properties bounded by E. 26th Street, S. Lake Park Avenue, E. 31st Street and S. Cottage Grove Avenue, Chicago, Illinois ("City Property"), are owned by the City; and
WHEREAS, the properties at approximately 2629-2841 S. Dr. Martin Luther King Drive, 2901-3035 S. Dr. Martin Luther King Drive, 402-458 E. 31st Street and 443-455 E. 29th Street, Chicago, Illinois ("Prairie Shores Property"), are owned by Prairie Shores Owner, LLC, a Delaware limited liability company ("Prairie Shores"); and
WHEREAS, prior to the recording of this ordinance, Prairie Shores has agreed to record a quitclaim deed conveying its reversionary interests in certain rights of way that lie immediately adjacent to the Prairie Shores Property, to the City to be ultimately assembled and developed, in substantially the format of the "Quitclaim Deed" attached hereto as EXHIBIT B; and
WHEREAS, on July 21, 2021, the City Council of the City (the "City Council") approved an ordinance, as published on pages 32933 to 32992 of the Journal of the Proceedings of the City Council for such date, authorizing an agreement for a negotiated sale ("Redevelopment Agreement") of portions of the City Property, formerly known as the Michael Reese Hospital campus, to GRIT Chicago, LLC, a Delaware limited liability company ("Developer"), for the construction of the Bronzeville Lakefront mixed-use development; and
WHEREAS, the Chicago Department of Planning and Development proposes to assemble parcels in the area, and open as public way the portions of the streets herein dedicated; and
WHEREAS, the City Council, after due investigation and consideration, has determined tha...
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