TRANSMITTAL LETTER FOR BOARD MEETING OF APRIL 3, 2014
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authority to grant a 25-year, 750 sq.ft. non-exclusive easement to Commonwealth Edison Company to continue to operate, maintain and remove a steel liner plate, electrical lines and appurtenances thereto below the surface of District real estate along the South Branch of the Chicago River, between Polk Street and Roosevelt Road in Chicago, Illinois. Consideration shall be an initial annual fee of $2,500.00
Body
Dear Sir:
On June 15,1989, the District's Board of Commissioners granted a 25-year easement to Commonwealth Edison Company ("ComEd") to install operate, maintain and remove underground facilities below the surface of District real estate along the South Branch of the Chicago River, between Polk Street and Roosevelt Road in Chicago, Illinois. The easement expires on June 14, 2014. Consideration was a one time payment of $3,750.00.
The District's technical departments have reviewed ComEd's request for a new easement at the subject location and have no objections thereto.
A fair market value fee on the easement premises would yield a fee less than the District's minimum $2,500.00 fee. The District's standard minimum initial annual fee of $2,500.00 is therefore recommended.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize the grant of a 25-year, 750 sq.ft. non-exclusive easement to Commonwealth Edison Company to continue to operate, maintain and remove a steel liner plate, electrical lines and appurtenances thereto below the surface of District real estate along the South Branch of the Chicago River, between Polk Street and Roosevelt Road in Chicago, Illinois. Consideration shall be an initial annual fee of $2,500.00.
It is also requested that the Executive Director recommend to the Board of Commissioners that it authorize and direct the Chairman of the Committee on Finance and the Clerk to execute said easement agreement on behalf of the District after it is approved by the General Counsel as to form and legality.
Requested, Ronald M. Hill, General Counsel, RMH:STM:MM:vp
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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