TRANSMITTAL LETTER FOR BOARD MEETING OF FEBRUARY 18, 2016
COMMITTEE ON REAL ESTATE
David St. Pierre, Executive Director
Title
Authority to commence statutory procedures to lease 11.97 acres of District real estate located at 3151 South California Avenue in Chicago, Illinois; Main Channel Parcel 42.06
Body
Dear Sir:
3151 S. California, LLC (“3151”), currently leases 11.97 acres of District real estate located at 3151 South California Avenue in Chicago, Illinois, known as Main Channel Parcel 42.06, under a 99-year lease that expires on May 31, 2017. The leased premises is presently used as a scrap metal recycling facility. Under the lease, 3151 pays an annual rent of $4,189.50.
Lakeshore Recycling Systems, LLC, which currently subleases a portion of the leased premises, is interested in leasing the entire leased premises for a twenty (20) year period after the current lease expires or is terminated.
The District’s technical departments have reviewed this request and have no objections.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize and direct the General Counsel to commence statutory procedures to lease 11.97 acres of District real estate located at 3151 South California Avenue in Chicago, Illinois, Main Channel Parcel 42.06, upon the terms and conditions set forth herein.
Requested, Ronald M. Hill, General Counsel, RMH:STM:CMM: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 February 18, 2016
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