TRANSMITTAL LETTER FOR BOARD MEETING OF SEPTEMBER 15, 2016
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authority to amend Board Order of January 8, 2015, authorizing and approving the entry into a 39-year lease with the Chicago Park District and the Chicago Department of Transportation on approximately 0.343 acres of District real estate along the east and west banks of the North Branch of Chicago River, north and south of Addison Street along with the right-of-way necessary for the construction, maintenance and operation of a suspended aerial bridge spanning the River from Clark Park to California Park known as the Addison Street Underbridge Path, to reflect that the lease will be between the District and Chicago Department of Transportation
Body
Dear Sir:
At its meeting of January 8, 2015, the District’s Board of Commissioners (“Board”) authorized and approved the entry into a 39-year lease with the Chicago Park District (“CPD”) and the Chicago Department of Transportation (“CDOT”) on approximately 0.343 acres of District real estate along the east and west banks of the North Branch of Chicago River, north and south of Addison Street along with the right-of-way necessary for the construction, maintenance and operation of a suspended aerial bridge spanning the River from Clark Park to California Park known as the Addison Street Underbridge Path, for consideration of $10.00.
After the Board approved the lease, CPD advised that despite its earlier request to lease the property, the lease should only be between the District and the Chicago Department of Transportation. CDOT has concurred with CPD’s request.
It is requested that the Executive Director recommend to the Board of Commissioners that it amend its Orders of January 8, 2015, authorizing and approving the entry into a 39-year lease with the Chicago Park District and the Chicago Department of Transportation on approximately 0.343 acres of District real estate along the east and west banks of the North Branch of Chicago River, north and south of Addison Street along with the right-of-way necessary for the construction, maintenance and operation of a suspended aerial bridge spanning the River from Clark Park to California Park known as the Addison Street Underbridge Path, to reflect that the lease shall be between the District and the Chicago Department of Transportation.
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 September 15, 2016
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