TRANSMITTAL LETTER FOR BOARD MEETING OF OCTOBER 3, 2013
COMMITTEE ON REAL ESTATE
David St. Pierre, Executive Director
Title
Authority to commence statutory procedures to lease approximately 5.8+/- acres of District real estate located south of Oakton Street and east of the CTA railroad tracks in Skokie, Illinois and known as North Shore Channel Parcels 5.01, 5.02 and 5.03
Body
Dear Sir:
Strategic Real Estate Service Corporation ("Strategic") has requested to lease approximately 5.8+/- acres of District real estate located south of Oakton Street and east of the CTA railroad tracks in Skokie, Illinois and known as North Shore Channel Parcels 5.01, 5.02 and 5.03 for commercial development. The parcels are currently vacant. The requested lease term is 60-years, as the proposed project is a multi-million dollar commercial development and such term is necessary to secure appropriate financing for this project. Current District policy is to allow lease terms of 60-years for commercial development purposes.
The District's technical departments have reviewed the lease request and have no objections to leasing North Shore Channel Parcels 5.01, 5.02 and 5.03 for a 60-year term.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize and direct the General Counsel to commence statutory procedures to lease approximately 5.8+/- acres of District real estate located south of Oakton Street and east of the CTA railroad tracks in Skokie, Illinois and known as North Shore Channel Parcels 5.01, 5.02 and 5.03 upon the terms and conditions set forth herein.
Request, Ronald M. Hill, General Counsel, RMH:SM:rg
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 October 3, 2013
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