Ordinance O2023-0002236
Stale
Non-Routine
City Matters
City Business
Getting and Giving Land
Sale of City-owned property at 452-458 E 47th St/4640-4652 S Vincennes Ave to Revere Properties, Inc.
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The City of Chicago has received a proposal from Revere Properties Inc. to develop a city-owned vacant property into a mixed-use project. The sale is subject to approval by the Chicago Plan Commission and requires environmental remediation. The purchase price will be deposited into an environmental escrow account, and the grantee must meet certain conditions, including obtaining permits and submitting construction plans. The grantee is also responsible for any necessary investigation and remediation work, and must comply with environmental requirements. The agreement states that future environmental obligations related to the property must not be imposed on the city. The project is expected to include a live entertainment venue and condominiums. The escrow agreement involves the deposit of funds for remediation work, with specific disbursement instructions. The escrowee has a lien on escrow funds for costs and expenses incurred in legal proceedings, and funds can only be released with a joint or court order. The grantee is liable for fees related to establishing and maintaining the escrow account.
Alternate identifiers: O2023-2044
Sponsors
History
Locations mentioned
Legislation text
Additional Documents
- EDS.pdf
- Exhibit A - Legal Description.pdf
- Exhibit B - Project Narrative.pdf
- Exhibit C - Joint Escrow Agreement.pdf