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Record #: O2022-2981   
Type: Ordinance Status: Passed
Intro date: 9/21/2022 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 10/26/2022
Title: Negotiated sale of vacant City-owned property at 5216 W Ferdinand Ave and 5223 W Ferdinand Ave to Hand Club for Kids
Sponsors: Lightfoot, Lori E.
Topic: PROPERTY - Sale
Attachments: 1. O2022-2981.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR










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


Ladies and Gentlemen:

At the request of the Commissioner of Planning and Development, I transmit herewith ordinances authorizing the negotiated sale of City-owned properties.

Your favorable consideration of these ordinances will be appreciated.


Very truly yours,

layor
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ORDINANCE

WHEREAS, the City of Chicago (the "City") is a home rule unit of government by virtue of the provisions of Article VII, Section 6(a) 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, the City is the owner of the real property located at 5216 W. Ferdinand Avenue (the "5216 W. Ferdinand Parcel"), and is seeking to acquire, pursuant to the foreclosure of a demolition lien, the real property located at 5223 W. Ferdinand Avenue (the "5223 W. Ferdinand Parcel"), Chicago, Illinois (PINs 16-09-120-031-0000 and 16-09-124-020-0000, respectively), which are legally described on Exhibit A attached hereto (collectively, the "Property"); and

WHEREAS, an appraisal report prepared by Byrnes & Walsh, LLC, states that the appraised fair market value, as of December 1, 2021, of the 5216 W. Ferdinand Parcel and of the 5223 W. Ferdinand Avenue Parcel are $12,500 and $12,000, respectively; and

WHEREAS, the aggregate appraised fair market value of the Property is $24,500; and

WHEREAS, By the Hand Club for Kids, an Illinois not-for-profit corporation ("Grantee"), with a principal business address of 415 N. Laramie Avenue, Chicago, Illinois 60644, has offered to purchase the Property from the City for the sum of $24,500; and

WHEREAS, Grantee has proposed to use the Property to expand its school campus to provide outdoor recreation space for its youth programming; and

WHEREAS, unless waived by the City, Grantee shall perform and provide the City with a...

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