TRANSMITTAL LETTER FOR BOARD MEETING OF JUNE 2, 2016
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authority to grant a 25-year, 113 sq. ft. non-exclusive easement to Entertainment Cruises to construct, operate, maintain, repair and remove a boat ramp on District real estate located along the east bank of the South Branch of the Chicago River, between Cermak Road and Canal Street in Chicago. Consideration shall be an initial annual fee of $5,000.00
Body
Dear Sir:
Entertainment Cruises (“ECruises”) has requested a 113 sq. ft. non-exclusive easement to construct, operate, maintain, repair and remove a boat ramp on District real estate located along the east bank of the South Branch of the Chicago River, between Cermak Road and Canal Street in Chicago. The District owns a narrow strip of land along the east bank of the South Branch of the Chicago River at this location. ECruises is a dining and sightseeing cruise company in cities including Chicago, and is in the process of acquiring real estate from the City of Chicago adjacent to the District’s property at this location to establish a ‘duck’ boat tour facility on the Chicago River. The proposed project includes the construction of a ramp along the east bank of the South Branch of the Chicago River. A portion of the proposed ramp, which will allow the duck boats ingress to and egress from the Chicago River, is located on this small strip of real estate owned by the District.
The District’s technical departments have reviewed ECruises’s request for an easement and have no objections thereto.
It is recommended that an initial annual fee of $5,000.00 be assessed as 10% of the fair market value fee of the easement premises would yield a fee less than the District's minimum fee of $5,000.00.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize the grant of a 25-year, 113 sq. ft. non-exclusive easement to Entertainment Cruises to construct, operate, maintain, repair and remove a boat ramp on District real estate located along the east bank of the South Branch of the Chicago River, between Cermak Road and Canal Street in Chicago. Consideration shall be an initial annual fee of $5,000.00.
It is also requested that the Executive Director recommend to the Board of Commissioners that it authorize and direct the Chairman of the Committee on Finance and the Clerk to execute said easement agreement on behalf of the District after it 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 June 2, 2016
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