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This record contains private information, which has been redacted from public viewing.
Record #: O2022-1700   
Type: Ordinance Status: Passed
Intro date: 5/23/2022 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 6/22/2022
Title: Negotiated sale of vacant City-owned property "as-is" at 1433 S Kedzie Ave to GMO Properties LLC subject to requisite environmental remediation
Sponsors: Lightfoot, Lori E.
Topic: PROPERTY - Sale
Attachments: 1. O2022-1700.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR

May 23, 2022










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF Cl IICAGO


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development, I 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 ("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 May 17, 2000, and published at pages 30775 through 30953 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 Midwest 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 er 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 South Kedzie Avenue, Chicago, Illinois 60623, which is legally described on Exhibit A attached hereto (the "Property") and is located in the Redevelopment Area; and

WHEREAS, GMO Properties LLC, an Illinois limited liability company ("Grantee"), is the owner ofthe property located immediately adjacent to the Property at 1423 S. Kedzie, which is improved with a building (the "Adjacent Im...

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