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This record contains private information, which has been redacted from public viewing.
Record #: O2021-5879   
Type: Ordinance Status: Passed
Intro date: 12/15/2021 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 1/26/2022
Title: As-is sale of City lots under Working Families Program to Prodigy LLC with associated redevelopment agreement for property at 1916 and 1927 S Troy St, and 1905, 1914, 1915,1919 and 1926 S Albany Ave
Sponsors: Lightfoot, Lori E.
Topic: PROPERTY - Sale
Attachments: 1. O2021-5879.pdf



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

December 15. 2021










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


Ladies and Gentlemen:

At the request of the Commissioner of Housing, I transmit herewith an ordinance authorizing the sale of seven City-owned parcels to Prodigy, LLC.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours,

ORDINANCE

WHEREAS, The City of Chicago (the "City") is a home rule unit of government pursuant to Article VII, Section 6(a) ofthe 1970 State of Illinois Constitution and may exercise any power related to its local governmental affairs; and

WHEREAS, The City Council of the City (the "City Council"), by ordinance first adopted on November 8, 2017 ("Program Ordinance") and published in the Journal of Proceedings of the City Council (the "Journal") for such date at pages 59287 through 59295, established the City Lots for Working Families Program ("City Lots Program"), to assist with the construction of high-quality, owner-occupied single-family or 2-unit housing affordable to working families; and

WHEREAS, The Program Ordinance authorizes the Department of Housing ("DOH") to (a) sell City Lots (this capitalized term and all others not otherwise defined herein are defined in the redevelopment agreement attached hereto as Exhibit B, the "Redevelopment Agreement") with an appraised value of $175,000 or less for $1 per City Lot to approved developers of projects that meet certain development parameters; (b) exempt such projects from MBE/WBE Requirements and City Residency Hiring Requirements if all City Lots within such project have an appraised value of $125,000 or less, and (c) waive certain City fees for such projects; and

WHEREAS, The City Lots Program further authorizes DOH to permit the sale of up to twenty-five percent (25%) of the homes in a project at market rates, and to adapt program requirements, including modifying or eliminating the homebuyer mortgage...

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