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OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
July 28, 2011
TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO
Ladies and Gentlemen:
At the request of the Commissioner of Housing and Economic Development, I transmit herewith ordinances authorizing the sale of City-owned property.
Your favorable consideration of these ordinances will be appreciated.
Very truly yours,
Mayor
ORDINANCE
WHEREAS, the City of Chicago ("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 Council of the City (the "City Council"), pursuant to ordinances adopted on June 10,1998, and published at pages 70203 through 70366 in the Journal of Proceedings of the City Council (the "Journal") of such date, approved the redevelopment plan for the Stony Island Avenue Commercial and Burnside Industrial Corridors Tax Increment Financing Redevelopment Area (the "Area"), designated the Area as a redevelopment project area, and adopted tax increment financing for the Area, all pursuant to the Illinois Tax Increment Allocation Redevelopment Act, as amended (65 ILCS 5/11 -74.4-1, et seq.) (the "Act"); and
WHEREAS, the City is the owner of approximately 2.6 acres of land in the Area, which is legally described on Exhibit A attached hereto (subject to final title commitment and survey, the "City Land"); and '
WHEREAS, 97th Street SSA, LLC, an Illinois limited liability company, located at 694 Grandview Lane, Lake Forest, Illinois 60045 (the "Developer"), has submitted a proposal to the Department of Housing and Economic Development ("DHED") to purchase the City Land for its appraised fair market value of Four Hundred Sixty Five Thousand Dollars ($465,000.00) (the "Purchase Price") to construct an office building to be used as the Southeastern Chicago regional offices of the Social Security Administrat...
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