TRANSMITTAL LETTER FOR BOARD MEETING OF DECEMBER 1, 2016
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authority to amend Lease Agreement dated September 15, 2016, between the District and the Chicago Department of Transportation on 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 for the construction, maintenance and operation of a suspended aerial bridge spanning the River from Clark Park to California Park to add an additional 0.273 acres for the extension of the path to Irving Park Road. Consideration shall be $10.00
Body
Dear Sir:
The Chicago Department of Transportation (“CDOT”) leases approximately 0.343 acres of District real estate along the east and west banks of the North Branch of Chicago River and north and south of Addison Street for the construction, maintenance and operation of a suspended aerial bicycle and pedestrian bridge spanning the River from Clark Park to California Park known as the Addison Street Underbridge Path. The Lease commenced October 1, 2016, expires September 30, 2055, and is subject to an annual rental fee of $10.00 (“Lease”).
CDOT has requested to amend the Lease to add an additional approximately 0.273 acres along the west bank of the Chicago River for the extension of the path to Irving Park Road. The extension will connect Horner Park with California Park.
The technical departments have no objection to adding 0.273 acres to CDOT’s lease. A nominal fee of $10.00 is being recommended as such fee is customary with governmental entities using District property for public recreational purposes.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize the amendment of the Lease Agreement dated September 15, 2016, between the District and the Chicago Department of Transportation on 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 for the construction, maintenance and operation of a suspended aerial bridge spanning the River from Clark Park to California Park to add an additional 0.273 acres for the extension of the path to Irving Park Road. Consideration shall be $10.00.
It is further requested that the Executive Director recommend to the Board of Commissioners that the Chairman of the Committee on Finance and the Clerk be authorized and directed to execute said lease amendment 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 December 1, 2016
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