Ordinance SO2023-0006389
Passed
Negotiated sale of 4727, 4735, 4739, 4743, 4755, 4757 and 4759 S Cottage Grove Ave to 4735 South Cottage Grove LLC, and execution of redevelopment agreement with 4735 South Cottage Grove LLC and The Grove Bronzeville LLC for construction of building for commercial retail and restaurant use
Auto-generated summary
The City of Chicago, the Grove Bronzeville, LLC, and 4735 South Cottage Grove, LLC have agreed on the sale and redevelopment of a property in Chicago, part of a tax increment financing redevelopment plan. The Developer will buy the property for $1,370,000 to construct a 3-story retail building, with the purchase price deposited into an environmental escrow account. Environmental assessments have identified potential underground storage tanks and contaminants on the property. The Developer is required to remove contaminated soil and comply with environmental regulations. The agreement also involves the conveyance of the property to the Grantee through a quitclaim deed, with the Grantee responsible for recording the deed and obtaining title insurance. The Developer must provide a project budget and proof of financing, and both parties have conducted due diligence searches to ensure no unacceptable liens or litigation exist. The agreement's execution is contingent upon the satisfaction of certain conditions precedent.
Alternate identifiers: O2023-0006389
Sponsors
| Sponsor | Ward | |
|---|---|---|
|
Johnson, BrandonPrimary Sponsor |
History
Legislation text
Additional Documents
- 1st Legal Description.dec13.pdf
- 1st Ordinance O2023-0006389.dec13.pdf
- 1st Redevelopment Agreement O2023-0006389.dec13.pdf
- Committee Letter.pdf