(a) Beyond the authorization conferred by this Article II, no ordinance authorizing the publication of a notice of a proposal to sell the City Surplus Land Parcels shall be required.
(b) The commissioner shall cause notice of a proposal to sell the City Surplus Land Parcels to be published in a newspaper of general circulation once each week for three consecutive weeks. Such notice shall specify, for each City Surplus Land Parcel, such parcel's: (i) address; (ii) permanent tax identification number ("PIN"); (iii) estimated value; and (iv) minimum bid price. Such notice shall also describe the qualifications of the buyers, the conditions under which the land will be sold, the date and time when all bids must be received (which shall be not less thirty (30) days after the date on which the first notice of the proposal is published) and such other matters as the commissioner deems necessary or appropriate.
(c) The department of planning and development (for purposes of this Article II, "department") shall determine the estimated value of the City Surplus Land Parcels in consultation with licensed appraisers qualified as vendors by the department of procurement services. A separate, MAI-certified market value appraisal shall not be required for each parcel.
(d) The department shall determine the appropriate marketing time for solicitation of offers to purchase. The department may sell the City Surplus Land Parcels as individual parcels, in pools of parcels, or in such other manner as the department may reasonably determine, subject to the approval of the corporation counsel. The department may re-advertise those parcels that failed to sell in the initial marketing period for sale in accordance with the terms of this Article II.
(e) The minimum bid price for the purchase of any City Surplus Land Parcel shall be no less than 60% of its estimated value as determined pursuant to paragraph (c) of this section. If any City Surplus Land Parcels are sold on a pooled basis, the minimum bid price for such pooled parcels shall be no less than 60% of the aggregate estimated value of the parcels in such pool.
(f) The City shall not pay any commissions, brokerage or finder fees, or other charges to any party representing a purchaser of any City Surplus Land Parcel(s).
(g) The department is authorized to sell the City Surplus Land Parcels on an "as is" basis and without imposing any additional requirements for the development of such parcels beyond those requirements that are generally applicable to the sale and development of privately-owned land. Notwithstanding the foregoing, any City Surplus Land Parcels located within a tax increment financing redevelopment project area must be redeveloped in accordance with the land uses set forth in the redevelopment project and plan for such area during the life of such redevelopment project area.
(h) For a bid to be responsive and acceptable, the bidder must provide the following information and submissions:
1. A completed application form listing the bidder's name and address, the address and P.I.N. of City Surplus Land Parcel(s), the minimum acceptable bid for the parcel(s), and the bidder's proposed purchase price;
2. Earnest money in the form of a certified check payable to the City of Chicago for an amount equal to five percent of the bidder's proposed purchase price for the City Surplus Land Parcel(s);
3. A signed affidavit that the buyer did not previously lose ownership of any proposed purchase parcel due to property tax delinquency;
4. Separate submissions must be made for each City Surplus Land Parcel offered for sale, unless any such parcels are offered on a pooled basis, in which case one submission may be made for such pooled parcels.
(i) Each City Surplus Land Parcel will be awarded to the highest bidder whose submission package is timely and complete (such winning bidder, together with any entity or land trust of which such bidder is the owner and controlling party, the "purchaser"). The successful purchasers will receive written notice of their selection and the procedures for closing the purchase. Such closing and the purchaser's payment of the balance of the purchase price shall occur not later than ninety (90) days after the bid opening. The commissioner shall have discretion to extend such ninety (90) day period one time for a period of up to an additional thirty (30) days. In the event that the purchaser does not close within such required period, the City shall be entitled to retain the purchaser's earnest money deposit as liquidated damages and to offer the subject parcel(s) to the next highest bidder. The department is further authorized to refund deposit checks to the unsuccessful bidders.
(j) Before a closing can take place: (1) the department shall obtain from the department of finance a current statement that the purchaser has no outstanding debt to the City. For purposes of this paragraph, "debt" means a specified sum of money owed to the City for which the period granted for payment has expired; and (2) the purchaser shall submit the Economic Disclosure Statement ("EDS") required by the city, containing the ownership information required by Chapter 2-154 of the code and the other representations, disclosures and acknowledgments contained in the EDS.
(k) The commissioner shall have the administrative discretion to adopt such forms, procedures and additional requirements as may be reasonably necessary to implement the sealed bid program described in this Article II, including the discretion to adopt an online or other electronic method of implementing such program.
(l) The mayor or his proxy is authorized to execute, and the city clerk is authorized to attest, quitclaim deeds from time to time conveying the City Surplus Land Parcels to the Purchasers, or to a land trust of which the purchaser is the sole beneficiary, or to a business entity of which the purchaser is the sole controlling party. The department shall not convey any City Surplus Land Parcel to, nor accept payment from, from any person or entity other than the purchaser.
(Added Coun. J. 11-19-08, p. 47220, Art. IV, § 3; Amend Coun. J. 11-17-10, p. 106597, Art. IX, § 2; Amend Coun. J. 11-16-11, p. 13798, Art. I, § 2; Amend Coun. J. 11-26-13, p. 67481, Art. I, § 9)