TRASMITTAL LETTER FOR BOARD MEETING OF JUNE 3, 2010
COMMITTEE ON REAL ESTATE
Mr. Richard Lanyon, Executive Director
Title
Authority to commence procedures to sell approximately 2.5 acres of unimproved real estate located west of the Main Channel in Will County, Illinois, and known as the southern 1/3 of Main Channel Parcel 1.01 upon competitive bid
Body
Dear Sir:
The Law Department has received a request from Canal Barge Company to purchase approximately 2.5 acres of real estate located in Will County and known as the southern 1/3 of Main Channel Parcel 1.01. Canal Barge Company currently leases the entire Parcel 1.01 comprising 8.57 acres of land under a lease that commenced November 1, 1960 and expires October 31, 2010. Canal Barge only uses the bottom southern section of the site for barge loading and unloading and does not use the northern 2/3 of the site.
The remaining northerly 2/3 of the site is bordered by land owned by the Forest Preserve District of Will County known as the Rock Run Rookery, who has requested to purchase this section of the site and is contemplated to be part of the proposed sale of several parcels of land to the Forest Preserve. Because the remaining section of Parcel 1.01 will be isolated and an in an effort to alleviate continuing maintenance and administration costs of leasing land in Will County, a sale upon competitive bidding procedures of this remaining 2.5 acres of the site is in the District’s best interests. This site, however, will not be sold until after the Board has approved the sale of the larger northerly section of the site to the Forest Preserve. Any sale of this southern portion of the site to a private entity will be by competitive bid.
The District’s technical departments have reviewed the request to purchase the site and have reported that the subject land is not required for the District’s corporate purposes nor were there any technical objections thereto.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize and direct the General Counsel to commence procedures to sell approximately 2.50 acres of unimproved real estate located west of the Main Channel in Will County, Illinois, comprising the southerly 1/3 section of Main Channel Parcel 1.01 upon competitive bid upon the terms and conditions set forth above.
Requested, Frederick M. Feldman, General Counsel, FMF:CL:SM:rg
Recommended, Richard Lanyon, Executive Director
Respectfully Submitted, Terrence J. O’Brien, 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 June 3, 2010
Attachment