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File #: 18-0465    Version: 1
Type: Agenda Item Status: Adopted
File created: 5/7/2018 In control: Real Estate Development Committee
On agenda: 5/17/2018 Final action: 5/17/2018
Title: Authorization to rescind Board Order of October 5, 2017, authorizing an amendment to lease agreement dated October 7, 1993, between the District and the Alsip Park District allowing a surrender of a 0.074 acre portion of its 79.931 acre leasehold located at the northwest corner of Route 83 and 127th Street in Alsip, Illinois, and known as part of Cal-Sag Channel Parcel 11.03, Agenda Item No. 55, File No. 17-1019
Attachments: 1. Aut. to Rescind Alsip Park District 4th amendment to lease - Rte 83 and 127th Street.pdf

TRANSMITTAL LETTER FOR BOARD MEETING OF MAY 17, 2018

 

COMMITTEE ON REAL ESTATE

 

Mr. David St. Pierre, Executive Director

 

Title

Authorization to rescind Board Order of October 5, 2017, authorizing an amendment to lease agreement dated October 7, 1993, between the District and the Alsip Park District allowing a surrender of a 0.074 acre portion of its 79.931 acre leasehold located at the northwest corner of Route 83 and 127th Street in Alsip, Illinois, and known as part of Cal-Sag Channel Parcel 11.03, Agenda Item No. 55, File No. 17-1019

Body

 

Dear Sir:

 

On October 5, 2017, the Board of Commissioners (“Board”) authorized the District to amend the lease agreement dated October 7, 1993, between the District and the Alsip Park District (“Alsip”) to surrender a 0.074 acre portion of its 79.931 acre leasehold located at the northwest corner of Route 83 and 127th Street in Alsip, Illinois, and known as part of Cal-Sag Channel Parcel 11.03.  The amendment and surrender were necessary to allow the District to commence statutory leasing procedures for a new long-term lease on said portion, as requested by the lead applicant for a new lease, SMK3, LLC (“SMK3”).

 

The requested new lease went through the District’s statutory leasing process, and on March 15, 2018, the Board accepted the initial annual rental bid for Contract 17-368-11 Proposal to Lease for fifty (50) years, 0.074 acres of District real estate located at the northwest corner of Route 83 and 127th Street in Alsip, Illinois; Cal-Sag Channel Parcel 11.03 (Portion) from SMK3, LLC (“SMK3”) in the amount of $5,000.00.

 

After said authorization was granted, SMK3 elected not to proceed with the lease.  A companion transmittal letter seeking authority to rescind the Board’s Order of March 15, 2018 is being submitted on today’s agenda.

 

In view of the foregoing, it is requested that the Board rescind its Orders of October 5, 2017, authorizing an amendment to lease agreement dated October 7, 1993, between the District and the Alsip Park District allowing a surrender of a 0.074 acre portion of its 79.931 acre leasehold located at the northwest corner of Route 83 and 127th Street in Alsip, Illinois, and known as part of Cal-Sag Channel Parcel 11.03. 

 

Requested, Susan T. Morakalis, General Counsel, STM:CMM:PS:nl

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 May 17, 2018

 

Attachment