TRANSMITTAL LETTER FOR BOARD MEETING OF SEPTEMBER 3, 2015
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authority to amend lease agreement dated April 12, 1962, as amended, with the Chicago Park District to add approximately 1.801 acres of District real estate located southeast of the intersection of McCormick Boulevard and Devon Avenue in Chicago, Illinois, and known as North Shore Channel Parcel 8.06. Consideration shall be a nominal fee of $10.00
Body
Dear Sir:
On April 12, 1962, the District leased to the Chicago Park District (“CPD”) approximately 60 acres of land along the east and west banks of the North Shore Channel between Lawrence Avenue and Peterson Avenue for public recreational and park purposes. The lease expires April 1, 2061 (“Lease”). The annual rent under the Lease is $10.00. On June 6, 2002, the Lease was amended by adding approximately 4.72 acres to allow CPD to develop two underbridge bicycle connections at Peterson and Lincoln Avenues.
CPD has now requested to further amend the Lease by adding North Shore Channel Parcel 8.06 comprising 1.801 acres located at the intersection of McCormick Boulevard and Devon Avenue for public recreational and park use. The District recently improved Parcel 8.06 by removing the asphalt parking lot and replacing it with grass.
A fee of $10.00 is recommended as is customary for governmental entities using District land for public recreational purposes.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize an amendment to the lease agreement dated April 12, 1962, as amended, with the Chicago Park District to add approximately 1.801 acres of District real estate located southeast of the intersection of McCormick Boulevard and Devon Avenue in Chicago, Illinois, and known as North Shore Channel Parcel 8.06. 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 September 3, 2015
Attachment