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This record contains private information, which has been redacted from public viewing.
Record #: O2022-864   
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 4009 S Wabash Ave to LinQ Holdings LLC
Sponsors: Lightfoot, Lori E.
Topic: PROPERTY - Sale
Attachments: 1. O2022-864.pdf


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

March 23, 2022










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


Ladies and Gentlemen:

At the request ofthe 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 ofthe provisions ofthe Constitution ofthe 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 "City Council") on March 27, 2002, and published at pages 81231 through 81472 in the Journal ofthe Proceedings of the City Council for 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 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 the vacant land located at 4009 S. Wabash Avenue, Chicago, Illinois 60653, which is legally described on Exhibit A attached hereto (the "Property"); and

WHEREAS, the Property is located in the Redevelopment Area to the immediate south of a former firehouse located at 4007 S. Wabash Avenue (the "Adjacent Improved Property"); and

WHEREAS, LinQ Holdings LLC, an Illinois limited liability company ("Grantee"), recently acquired the Adjace...

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