TRANSMITTAL LETTER FOR BOARD MEETING OF DECEMBER 3, 2015
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
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Issue orders consenting to an assignment of that certain Lease Agreement dated June 16, 2005, between the District and American River Transportation Company and Archer-Daniels-Midland Company on 14.7 acres of District real estate, including Barge Slip 1, located at 16700 Des Plaines River Road in Lemont, Illinois; Main Channel Parcel 22.02 to Illinois Marine Towing, Inc. Consideration shall be a $5,000.00 document preparation fee
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Dear Sir:
American River Transportation Company (“ARTCO”) and Archer-Daniels-Midland Company (“ADM”), successors in interest to Garvey Marine, Inc., lease 14.7 acres of District real estate, including barge slip 1, under a lease that commenced September 1, 2005 and expires August 31, 2044 (“Lease”). The property is located at 16700 Des Plaines River Road in Lemont, Illinois and known as Main Channel Parcel 22.02. The annual rent under the Lease is $659,750.00. ARTCO and ADM use the site to operate their barge business.
ARTCO and ADM have requested the District’s consent to assign its lease to Illinois Marine Towing, Inc. (“IMT”). IMT leases the adjacent 29 acre site known as Main Channel Parcel 22.03 to operate its barge business and will incorporate the ARTCO/ADM site into its ongoing barge operations. IMT also leases 1.84 acres of District real estate commonly known as Main Channel Parcels 9.03 and 9.04 in Joliet, Illinois to moor barges.
The District’s Finance Department has reviewed IMT’s financial and company background information and reported that IMT demonstrates the ability to meet its financial obligations under the Lease.
It is requested that the Executive Director recommend to the Board of Commissioners that it issue orders consenting to an assignment of that certain Lease Agreement dated June 16, 2005, between the District and American River Transportation Company and Archer-Daniels-Midland Company on 14.7 acres of District real estate, including Barge Slip 1, located at 16700 Des Plaines River Road in Lemont, Illinois; Main Channel Parcel 22.02 to Illinois Marine Towing, Inc. Consideration shall be a $5,000.00 document preparation fee.
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 said Consent to Assignment of Lease after same is approved by the General Counsel as to form and legality.
Requested, Ronald M. Hill, General Counsel, RMH:STM:NHB:bh
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 December 3, 2015
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