Thursday, May 10, 2007

* Hey ZULAC, Where's the Transparency?

Why is it you have to find this information out from the local neighborhood bloggers?

The following properties are in foreclosure; sale is contingent upon Community Investment Corporation being the successful bidder at a judicial sale. This is an “as is” sale with no prorations.


* The Broadmoor – 7600 Bosworth Description: It is a 6-story masonry elevator building. The building consists of 90 residential units and 6 retail units.

* 1514 Howard Description: It is a 3-story masonry building. The building consists of 14 residential units and 6 retail units.

* 7605 Bosworth Description: It is a 3-story masonry building. The building consists of 14 residential units.

* 7609-13 Bosworth Description: It is a 3-story masonry building. The building consists of 16 residential units.


These properties currently have an extended use agreement through 2032. Under the terms of this agreement 101 of the units must be rented to persons at or below 50% of area median income (AMI) and the remaining to persons at or below 80% of AMI.

These restrictions may be restructured based on the proposals submitted. Proposals will be considered under this competitive bid process which complete required rehabilitation on the properties and attain an appropriate economic mix of rental and for sale housing for both the affordable and community market.

It is expected that at least the 7600 Building would be preserved as affordable rental housing.

You have the right to bid on the total project consisting of four buildings or bid on individual properties. All proposals will be considered.

Viewing will be available May 10 – May 24, 2007 by appointment only. Contact JENNIFER BELLI at 312-258-0070 x 208 or email

All bids must be in no later than end of business May 31, 2007. Bids must be in writing and contain the following: Completed bidder information form (attached), per building.

The names of the party or parties making the proposal Bid amount per building.

Earnest money check for $100,000.00 for the Broadmoor and/or $50,000.00 per building for the other three buildings payable to Community Investment Corp.

Proforma per building. Scope of work for construction including a budget on our form as provided per building. Contractors Sworn Statement per building.

Bidders resume / financial statement / experience:

Management plan for building with a resume for the proposed management company or manager per building

Source of funding. The proposed plan of affordability for the Property (s), if any, per building.

The proposed plan for relocation of existing tenants, if necessary based on proposal submission.

An email or facsimile contact must be included. Offers must be received by the end of business May 31, 2007.

Bids must be in writing submitted either: in person or registered mail.

Confirmation that your bid has been received will be sent via e-mail or facsimile. CIC is not responsible for receipt or delivery of your bid.

If you do not receive confirmation within 48 hours contact Jennifer Belli at 312-258-0070 x 208.

Selection of successful bidder will be based on experience with similar type properties within Chicago, your rehab plan for the project, and financial ability to complete the project.

CIC's Loan Committee, with input from DOH AND IHDA will make a final determination of the successful bidder on June 18, 2007.

BLOGNOTES: If past history is any indication, after all that, you gotta make a appointment to grease Joe's palms.


Gay Chicago Magazine said...

What does this have to do with ZALUAC? Is there a zoning change proposed? If there's no zoning change, this isn't ZALUAC's turf.

Craig Gernhardt said...

Zoning and Land. This issue falls under the Land category.

But you're right. This clearly is another issue where it's Joe's fault.

Gay Chicago Magazine said...

Zoning and Land Use. If the building is merely being sold, it's not a "land use" issue. There's no change in the "use." Yes, it's land, but a sale isn't really news.

I just don't think I'm getting your point. Who's selling? Who's buying? What's the neighborhood impact? I see a building getting sold - that happens all the time. So does foreclosure. Yawn.

Craig Gernhardt said...

Good question. Who's going to buy.

Wonder if it will be one of Joe's campaign contributing slumlord buddies - looking to soak the tax payers, while Joe turns a blind eye to the decay of the buildings.

All the while the owner reaps huge government subsidies and doesn't upkeep the property?

Sound familiar?

Ryne said...

See this story.....If it happened to someone like "Fast Eddie" Well joey.....think about it

Update: Edward R. Vrdolyak, once a powerful alderman and polarizing politician, is indicted by a grand jury on fraud and bribery charges stemming from a multimillion-dollar real estate deal.

Ryne said...

Here is the full story! All of Joes supports plaes read & keep this story. One day you might take out Eddie name and add another aldermans name.

I do love my job!!!!

Edward R. Vrdolyak, the former powerful Chicago alderman and polarizing politician who has been under federal scrutiny in connection with a multimillion-dollar real estate deal, has been indicted by a federal grand jury on fraud and bribery charges, authorities announced today.

The U.S. Attorney's Office announced Vrdolyak was indicted "for allegedly scheming with cooperating businessman Stuart Levine to obtain a kickback for Levine from the sale of a building in Chicago's Gold Coast neighborhood for a condominium development," the office said in a statement.

The alleged scheme was intended to defraud a north suburban medical school of money and property and of the honest services of Levine, who served on the medical school's board of trustees."

The lawyer, one-time Cook County Democratic chairman and mayoral candidate known as "Fast Eddie" has been linked to indicted Republican insider Levine, who is cooperating with authorities in his own corruption cases that stemmed from "Operation Board Games."

Officials said the charges involved the medical school's sale of the former Dr. William M. Scholl School of Podiatric Medicine at 1001 North Dearborn St.

"This case exposes the behind-the-scenes manipulation that the defendant and Levine allegedly engaged in to reap financial windfalls," U.S. Atty. Patrick Fitzgerald said in a statement released today. "The alleged scheme to misuse Levine's position and influence deprived the Chicago Medical School of the honesty and integrity that it was entitled to receive from a member of its board of trustees."

Vrdolyak, 69, of Chicago, was the only person indicted. An attorney with the Vrdolyak Law Group, LLC, he was charged with one count of mail fraud, two counts of wire fraud and one count of bribery, federal prosecutors announced.

Vrdolyak has been a longtime friend of Levine, a former board member of the medical school whose cooperation has included his wearing of a wire to net other players in his schemes.

Sources have said conversations Vrdolyak had with Levine were captured on recording equipment.

The charges were to be detailed at a press conference by Patrick J. Fitzgerald, United States Attorney for the Northern District of Illinois; Robert D. Grant, Special Agent-in-Charge of the Chicago Office of the FBI; Thomas P. Brady, Inspector-in-Charge of the U.S. Postal Inspection Service; James Vanderberg, Special Agent-in-Charge of the U.S. Department of Labor Office of Inspector General in Chicago; and Byram Tichenor, Special Agent-in-Charge of the Internal Revenue Service Criminal Investigation Division in Chicago.

Representatives of the U.S. attorney's office said Vrdolyak was not expected to make an appearance at the Dirksen U.S. Courthouse today.

Copyright © 2007, Chicago Tribune

Uncle Wally said...

So Fast Eddie's been indicted. So what. Is this what you call malfeasance of office, because he's not an office holder.

Dream on.

Craig Gernhardt said...

Unkle Wally's got the exact same style arguments as Charlie.

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