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This record contains private information, which has been redacted from public viewing.
Record #: O2022-3575   
Type: Ordinance Status: Passed
Intro date: 10/26/2022 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 11/16/2022
Title: Negotiated sale of City-owned vacant property at 4810-4834 S Cottage Grove Ave to Northwestern Memorial HealthCare with sale of developer's lot at 4833 S Evans Ave to City
Sponsors: Lightfoot, Lori E.
Topic: PROPERTY - Sale
Attachments: 1. O2022-3575.pdf
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OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
October 26, 2022










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Planning and Development. I transmit herewith an ordinance authorizing a negotiated sale of City-owned lots to Northwestern Memorial Healthcare.

Your favorable consideration of this ordinance will be appreciated.


Very truly yours.

Mayor
ORDINANCE

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

WHEREAS, the City is the owner of the vacant parcels of real property located at 4810-4834 South Cottage Grove Avenue, Chicago, Illinois (PINs 20-10-214-004-0000, 20-10-214-006-0000 and 20-10-214-031-0000; collectively, the "Property"), which is legally described on Exhibit A attached hereto; and

WHEREAS, Northwestern Memorial HealthCare, an Illinois not-for-profit corporation (the "Developer"), owns certain real property to the north and south of the Property, which property is commonly known as 4800-4808 South Cottage Grove and 4830-4850 South Cottage Grove, Chicago, IL (PINs 20-10-214-003-0000, 20-10-214-010-0000, 20-10-214-013-0000, 20-10-214-028-0000,20-10-214-030-0000 and 20-10-214-034-0000; collectively, the "Developer's Property"), which is legally described on Exhibit B attached hereto; and

WHEREAS, the Developer seeks to purchase the Property for its appraised fair market value of $970,000 (the "Purchase Price"), in order to construct on the Property and the Developer's Property a five (5) story, approximately 110,000 sq. ft., medical office building with attached structured parking consisting of approximately 249 parking spaces (the "Project"); and

WHEREAS, the Developer also owns the real property commonly known as 4833 South Evans Avenue, Chicago, Illinois (PIN 20...

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