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The city council of the City of Chicago finds, after due investigation:
(1) That some owners of large commercial, industrial and residential buildings which are or are about to become vacant, in order to avoid the costs of repairing, enclosing or demolishing such buildings, transfer title to not-for-profit organizations or other entities, or sell the structures for less than their appraised value to persons without the financial resources to maintain, repair or demolish such buildings; and
(2) That in such instances the buildings deteriorate and become public nuisances, threats to public safety and welfare and causes of neighborhood deterioration; and
(3) That the costs of enclosing and demolishing such buildings often become, by default, the responsibility of the city, causing taxpayers to bear the costs of remedial action. Accordingly, it is the purpose of this chapter to assure that owners of such buildings cannot evade their legal responsibilities by transferring title to persons who do not have the resources to maintain or demolish such buildings.
(Added Coun. J. 3-26-93, p. 30292)