Ordinance O2023-0002239 - Chicago Councilmatic

Sale of City-owned property at 422-426 E 47th St to Revere Properties, Inc.

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The City of Chicago plans to sell a vacant property at 422-426 E. 47th Street to Revere Properties, Inc., which intends to develop it into mixed-use condominium residences. The sale is subject to approval from the Chicago Plan Commission and completion of environmental remediation. The purchase price will be deposited into an environmental escrow account, and the Grantee must meet conditions such as submitting construction plans and obtaining permits. The Grantee will also be responsible for any future environmental obligations and must release the city from any losses related to environmental contamination. The sale may trigger Affordable Housing requirements. The proposed building aligns with neighborhood development priorities. In case of legal proceedings related to the agreement, the Escrowee has a lien on the escrow funds for costs, attorneys' fees, and expenses. The Grantee is responsible for all fees and expenses incurred by the Escrowee, including establishing and maintaining the escrow.

Alternate identifiers: O2023-2045