TRANSMITTAL LETTER FOR BOARD MEETING OF MAY 19, 2016
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authority to commence statutory procedures to sell an approximately 25 foot by 125 foot parcel of District real estate located at 3548 South Ashland Avenue in Chicago, Illinois
Body
Dear Sir:
Wm. Wrigley Jr. Company (“Wrigley”) has requested to purchase an approximately 25 foot by 125 foot parcel of District real estate located at 3548 South Ashland Avenue in Chicago, Illinois (“Site”).
The District acquired the Site in 1908 with the intent to build and operate an electrical substation. District records indicate that the substation was never built and the Site was never used by the District.
Wrigley owns the adjacent parcel of land at 3538 South Ashland Avenue where benzene was discovered due to a leaking underground storage tank. Reports and data indicated that the contamination migrated onto the District’s Site. Wrigley entered into an Agreement with the Illinois Environmental Protection Agency to remediate its site and the District’s Site. Accordingly, the District issued a series of permits to Wrigley from 2009-2012 whereby Wrigley remediated the contamination on the Site.
The technical departments have reported that there is no foreseeable corporate need for the Site and have no objections to selling it.
The sale will be upon competitive bid as required by statute. Before advertising the Site for sale, the Board will be provided the appraised value of it and requested therefrom to establish a minimum acceptable bid.
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 sell an approximately 25 foot by 125 foot parcel of District real estate located at 3548 South Ashland Avenue in Chicago, Illinois, upon the terms and conditions set forth herein.
Requested, Ronald M. Hill, General Counsel, RMH:STM: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 May 19, 2016
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