TRANSMITTAL LETTER FOR BOARD MEETING OF SEPTEMBER 1, 2016
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authorization to commence statutory procedures to lease approximately 5.95 acres of District real estate located at 3154 S. California Avenue in Chicago, Illinois; Main Channel Parcels 42.05 and 42.16
Body
Dear Sir:
Connelly-GPM, Inc. (“Connelly”) leases approximately 5.95 acres of District real estate located at 3154 S. California Avenue in Chicago, Illinois and known as Main Channel Parcels 42.05 and 42.16 under two separate leases. The lease on Parcel 42.05 comprises 4.63 acres, commenced May 1, 1918, and expires April 30, 2017. The annual rent is $1,410.00. The lease on Parcel 42.16 comprises 1.32 acres, commenced February 1, 1999, and expires April 30, 2017. The current annual rent under this lease is $41,004.00. Connelly uses the sites to operate an iron sponge manufacturing business. Connelly has requested to continue leasing Parcels 42.05 and 42.16 upon expiration of the leases thereon for a ten (10) year term.
The District’s technical departments have reviewed the lease request and have indicated that the subject parcels are not needed for corporate use nor do they have any technical objections thereto.
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 approximately 5.95 acres of District real estate located at 3154 S. California Avenue in Chicago, Illinois; Main Channel Parcels 42.05 and 42.16 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 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 September 1, 2016
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