TRANSMITTAL LETTER FOR BOARD MEETING OF JULY 6, 2017
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authority to grant a 25-year, 346,432 + sq. ft. non-exclusive easement to Commonwealth Edison Company to continue to construct, reconstruct, operate, maintain, repair, replace and remove transmission towers and overhead transmission lines on District real estate located along the north side of the Main Channel between Ridgeland Avenue and Pulaski Road in Stickney and Chicago. Consideration shall be an initial annual fee of $240,000.00
Body
Dear Sir:
On July 21, 1992, the District granted a 25-year, 346,432 + sq. ft. non-exclusive easement to Commonwealth Edison Company (“ComEd”) to construct, reconstruct, operate, maintain, repair, replace and remove transmission towers and overhead transmission lines on District real estate located along the north side of the Main Channel between Ridgeland Avenue and Pulaski Road in Stickney and Chicago, Illinois. The easement expires July 31, 2017. ComEd currently pays an annual easement fee of $154,995.13.
ComEd has requested a new 25-year easement to continue to operate the towers and overhead lines. The District’s technical departments have reviewed ComEd’s request for an easement and have no objections thereto. An initial annual easement fee of $240,000.00 is recommended, which represents 10% of the current appraised fair market value.
It is requested that the Executive Director recommend to the Board of Commissioners that it grant a 25-year, 346,432 + sq. ft. non-exclusive easement to Commonwealth Edison Company to continue to construct, reconstruct, operate, maintain, repair, replace and remove transmission towers and overhead transmission lines on District real estate located along the north side of the Main Channel between Ridgeland Avenue and Pulaski Road in Stickney and Chicago. Consideration shall be an initial annual fee of $240,000.00.
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 Acting General Counsel as to form and legality.
Requested, Susan T. Morakalis, Acting General Counsel, STM:CMM:MM:vp
Recommended, David St. Pierre, Executive Director
Respectfully Submitted, David J. Walsh, 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 July 6, 2017
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