TRANSMITTAL LETTER FOR BOARD MEETING OF APRIL 3, 2014
COMMITTEE ON REAL ESTATE
David St. Pierre, Executive Director
Title
Authority to commence statutory procedures to lease approximately 15.40 acres of District real estate located west of Kedzie Avenue and south of the Main Channel in Chicago, IL; Main Channel Parcels 41.04, 41.07 and 41.10
Body
Dear Sir:
The Law Department has received a request from Bell Oil Company to lease for a 39-year term approximately 15.40 acres of real estate located west of Kedzie Avenue and south of the Main Channel in Chicago, Illinois and known as Main Channel Parcels 41.04, 41.07 and 41.10. Bell's intended use is to expand its current operations of operating a bulk storage terminal located to the west of the subject parcels. Bell leases 4.3 acres directly west of the subject parcels under a lease that expires in 2051.
The District's technical departments have reviewed the lease request and have no objections to leasing Parcels 41.04, 41.07 and 41.10.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize and direct the General Counsel to commence statutory procedures to lease approximately 15.40 acres of District real estate located west of Kedzie Avenue and south of the Main Channel in Chicago, IL; Main Channel Parcels 41.04, 41.07 and 41.10 upon the terms and conditions set forth above.
Requested, Ronald M. Hill, General Counsel, RMH:SM
Recommended, David St. Pierre, Executive Director
Respectfully Submitted, Mariyana T. Spyropoulos, Chairman Committee on Real Estate Development
Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for April 3, 2014
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