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 April 5, 2012, between the District and the Mount Prospect Park District on 34.239 acres of District real estate located east of Elmhurst Road and south of the James C. Kirie Water Reclamation Plant and known as Majewski Metro Park in Des Plaines, Illinois to reduce the leasehold by approximately 2.48 acres. Consideration shall be a nominal fee of $10.00
Body
Dear Sir:
On April 5, 2012, the Board of Commissioners authorized the issuance of a 39-year lease to the Mount Prospect Park District ("Mt. Prospect") on 34.239 acres of District real estate located east of Elmhurst Road and south of the James C. Kirie Water Reclamation Plant and known as Majewski Metro Park ("Lease"). The Lease commenced July 1, 2012, and expires June 30, 2051. The annual rent is $10.00. The lease also provides that the District shall receive 25% of the net profits derived from the site, if any. The leasehold is improved with baseball and soccer fields and a small building.
In February, 2015, the District sold approximately 2.48 acres of Mt. Prospect's Majewski Metro Park leasehold to the Illinois State Toll Highway Authority for construction of its Elgin O'Hare Western Access Project. As a result of the sale, Mt. Prospect's leasehold size was reduced from 34.239 acres to 31.759 acres. An amendment to Mt. Prospect's Lease is therefore necessary to reflect the reduced size of its leasehold.
It is requested the Executive Director recommend to the Board of Commissioners that it authorize and approve an amendment to the lease agreement dated April 5, 2012, between the District and the Mount Prospect Park District on 34.239 acres of District real estate located east of Elmhurst Road and south of the James C. Kirie Water Reclamation Plant and known as Majewski Metro Park in Des Plaines, Illinois to reduce the leasehold by approximately 2.48 acres. Consideration shall be a nominal fee of $10.00.
It is also 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 the amendment to the lease agreement after it is approved by the General Counsel as to form and legality.
Requested, Ronald M. Hill, General Counsel, RMH:STM:MLD: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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