City of Chicago v. Bank of Ravenswood

Petitioner, the City of Chicago, on November 6, 1978, brought this eminent domain proceeding to acquire certain real estate owned by defendant, Bank of Ravenswood, individually and as land trustee. After a trial without a jury, the trial court entered judgment awarding defendant $500,000 as just compensation for the property taken. The court subsequently denied defendant’s motions to vacate or reconsider the judgment and for abandonment, and granted possession to petitioner conditioned upon the deposit of a $65,000 surety bond. Defendant appeals.

The subject property is a 45,000 square foot…