TRANSMITTAL LETTER FOR BOARD MEETING OF JUNE 18, 2015
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authority to amend lease agreement dated January 1, 1954, with the Chicago Transit Authority on 9.66 acres of District real estate located north of the O'Brien Water Reclamation Plant and east and west of McCormick Boulevard in Skokie, Illinois; North Shore Channel Parcels 6.13 and 6.14, extending the lease expiration date from June 30, 2015, to September 30, 2015 Consideration shall be a nominal fee of $10.00
Body
Dear Sir:
The Chicago Transit Authority ("CTA") leases 9.66 acres of District real estate under a lease that commenced January 1, 1955, and, as extended, expires June 30, 2015, to operate a rapid transit railroad line currently known as the "Yellow Line" for public transportation purposes ("Lease"). The leasehold is located along the northern boundary of the O'Brien Water Reclamation Plant in Skokie, Illinois, east and west of McCormick Boulevard and known as North Shore Channel Parcels 6.13 and 6.14. The current annual rent under the Lease is $35,675.00.
The Lease was originally set to expire on December 31, 2014. Prior to the 2014 expiration, the CTA indicated that it anticipated leasing less than the current 9.66 acres that it leases under its current Lease, but needed additional time to review its land use needs under a new lease. Accordingly, on December 4, 2014, the Board of Commissioners authorized a six-month extension to the Lease to allow the CTA the additional time it requested. The Lease amendment agreement extended the Lease to June 30, 2015.
The CTA has now requested a further extension of its Lease to September 30, 2015.
A nominal fee of $10.00 is recommended since the CTA is unable to currently conduct its normal operations on the leasehold premises.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize an amendment to the lease agreement dated January 1, 1954, with the Chicago Transit Authority on 9.66 acres of District real estate located north of the O'Brien Water Reclamation Plant and east and west of McCormick Boulevard in Skokie, Illinois; North Shore Channel Parcels 6.13 and 6.14, extending the lease expiration date from June 30, 2015, to September 30, 2015. Consideration shall be a nominal fee of $10.00.
It is further requested that the Executive Director recommend to the Board of Commissioners that the Chairman of the Committee on Finance and the Clerk be authorized and directed to execute said lease amendment agreement after same 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 June 18, 2015
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