SUBSTITUTE ORDINANCE
WHEREAS, the City of Chicago (the "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, the City is the owner of the real property located at 5206 W. Chicago Avenue (the "Phase 1 City Property"), as legally described on Exhibit A-l attached to the Building Stabilization Agreement (as hereinafter defined), and the real property located at 5200 W. Chicago Avenue, as legally described on Exhibit A-2 attached to the Building Stabilization Agreement (the "Phase 2 City Property"); and
WHEREAS, the Phase 2 City Property is improved with the Laramie State Bank building (the "Bank Building"); and
WHEREAS, as part of the City's INVEST South/West initiative, the City selected Austin United Alliance Development Company LLC, an Illinois limited liability company ("Original Licensee"), to construct a 6-story, 78-unit, mixed-income apartment building on the Phase 1 Property (the "Phase 1 Project") and to restore the Bank Building for use as a cafe, office, museum and community space (the "Phase 2 Project" and together with the Phase I Project, the "Project"): and
WHEREAS, the City, through its Department of Assets, Information and Services ("DAIS"), and Original Licensee previously entered into that certain Right of Entry and Building Maintenance and Protection Agreement dated December 16, 2022, and attached hereto as Exhibit A (the "Building Stabilization Agreement"), pursuant to which the City gave Original Licensee access to the Phase 2 City Property to maintain, secure and protect the Bank Building and take certain other actions prior to commencement and during construction of the Phase 1 Project (collectively referred to in the Building Stabilization Agreement as the "Activity"): and
WHEREAS, the Original Licensee is comprised of two entities: Oak Park Regional Housing Cen...
Click here for full text