TRANSMITTAL LETTER FOR BOARD MEETING OF FEBRUARY 18, 2016
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authorization to commence statutory procedures to lease 6+/- acres of District real estate located west of Cicero Avenue and south of the Cal-Sag Channel in Crestwood, Illinois; eastern portion of Cal-Sag Channel Parcel 11.04
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Dear Sir:
Hamilton Partners, Inc. (“Hamilton”) has requested to lease 6+/- acres of District real estate located west of Cicero Avenue and south of the Cal-Sag Channel in Crestwood, Illinois and known as the eastern portion of Cal-Sag Channel Parcel 11.04. The site is currently vacant.
The intended use of the site is for commercial development. The requested term is for 60 years, in accordance with Board policy involving a lease for commercial development when such term is necessary to finance the development. Parcel 11.04 comprises 18 acres, however, Hamilton is only requesting to lease 6 acres at this time.
The District’s technical departments have reviewed the lease request and have indicated that the subject site is not currently needed for corporate use nor do they have any technical objections thereto. The Waterway Strategy Resolution applies to all District leases entered into after 1984, which requires a 60-foot open-space setback from the water’s edge. The subject site is long and narrow, ranging in width between 203’ wide to 337’ wide. In order to allow for proper development of this site, it is recommended that the setback be reduced to 30’ wide for this parcel.
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 6+/- acres of District real estate located west of Cicero Avenue and south of the Cal-Sag Channel in Crestwood, Illinois; eastern portion of Cal-Sag Channel Parcel 11.04 upon the terms and conditions set forth herein.
Requested, Ronald M. Hill, General Counsel, RMH:SM: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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