TRANSMITTAL LETTER FOR BOARD MEETING OF APRIL 19, 2018
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authority to amend lease agreement dated August 31, 2017, between the District and Reliable Materials Corporation of Illinois on 5.65± acres of District real estate located at 4101 South Cicero Avenue in Chicago, Illinois; Main Channel Parcel 40.01 to allow an additional use of operating a concrete ready-mix plant facility. Consideration shall be a $5,000.00 document preparation fee
Body
Dear Sir:
Reliable Materials Corporation of Illinois (“Reliable”) currently leases 5.65± acres of District real estate located at 4101 South Cicero Avenue in Chicago, Illinois; Main Channel Parcel 40.01 under a 39-year lease that commenced January 1, 2018, and expires December 31, 2056. The lease is for the purpose of recycling construction and demolition debris, transfer of uncontaminated dirt and soil, and storage of trucks and construction materials and equipment. Reliable’s current annual rent is $202,000.00.
Reliable has requested to amend its lease to allow an additional use of operating a concrete ready-mix plant facility on its leasehold premises.
The District's technical departments have reviewed Reliable’s request and have no objections thereto.
It is requested that the Executive Director recommend to the Board of Commissioners that it grant authority to amend the lease agreement dated August 31, 2017, between the District and Reliable Materials Corporation of Illinois on 5.65± acres of District real estate located at 4101 South Cicero Avenue in Chicago, Illinois; Main Channel Parcel 40.01 to allow an additional use of operating a concrete ready-mix plant facility. Consideration shall be a $5,000.00 document preparation fee.
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 the lease amendment after it has been approved by the General Counsel as to form and legality.
Requested, Susan T. Morakalis, General Counsel, STM:CMM:npe
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 April 19, 2018
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