Share to Facebook Share to Twitter Bookmark and Share
This record contains private information, which has been redacted from public viewing.
Record #: O2022-863   
Type: Ordinance Status: Passed
Intro date: 3/23/2022 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 4/27/2022
Title: Sale of City-owned property at 539-541 E 46th St to R&D Builders LLC
Sponsors: Lightfoot, Lori E.
Topic: PROPERTY - Sale
Attachments: 1. O2022-863.pdf
OFFICE OF THF. MAYOR
TY OT CHICAGO
LORI I: LIGHTf OOT
MAYOR

March 23. 2022










TO Tl IF 1 ION OR A BLR, THE CITY COUNCIL OF THE CI TY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit 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 an ordinance adopted by the City Council of the City ("City Council") on March 27, 2002, and published at pages 81231-81472 of the Journal of the Proceedings of the City Council ("Journal") of such date, the City Council: (i) approved a certain redevelopment plan and project (the "Redevelopment Plan") for the 47th/King Drive 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 "conservation area" 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 of two vacant parcels of land located at 539-41 East 46th Street, Chicago, Illinois 60653, which are legally described on Exhibit A attached hereto and incorporated herein (the "Property"), and which are located in the Redevelopment Area; and

WHEREAS, R&D Builders LLC, an Illinois limited liability company ("Grantee"), submitted a proposal to purchase the Property from the City for the sum of One Hundred Thi...

Click here for full text