TRANSMITTAL LETTER FOR BOARD MEETING OF SEPTEMBER 2, 2010
COMMITTEE ON REAL ESTATE
Mr. Richard Lanyon, Executive Director
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Authority to issue a 1-year permit to Amtrak on approximately 0.5 acres of District land located south of Taylor Street, north of Roosevelt Road, and along the west bank of the Chicago River in Chicago, Cook County, Illinois, consideration shall be a rental fee of $10,890.00
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Dear Sir:
Amtrak has requested a 1-year permit to use approximately 0.5 acres of District land located south of Taylor Street, north of Roosevelt Road, and along the west bank of the Chicago River in Chicago, Cook County, Illinois, for a storage area for rail materials, stock rail, tie plates, spikes and rail anchors. The site is vacant and unoccupied at this time.
The District currently accesses the site to off load debris from the Chicago River, and access will be maintained, as well as access to all District facilities. The District’s technical departments have reviewed and have no objections to the request to store rail materials for one year subject to protection of District facilities and subject to no materials being stored that contain creosote.
The permit fee of $10,890.00 is based upon the cost for industrial property in the area which is approximately $5.00 per square-foot [10% of 21,780 sq. ft. x $5.00 per sq. ft.]. The fair market value is based upon the District’s analysis of comparable sites in the area.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize and approve the issuance of a 1-year permit to Amtrak on approximately 0.5 acres of District land located south of Taylor Street, north of Roosevelt Road, and along the west bank of the Chicago River in Chicago, Cook County, Illinois. Consideration shall be a rental fee of $10,890.00.
It is further requested that the Executive Director recommend to the Board of Commissioners that it authorize the Chairman of the Committee on Finance and the Clerk to execute said permit agreement after it is approved by the General Counsel as to form and legality.
Requested, Frederick M. Feldman, General Counsel, FMF:CL:JCC:rg
Recommended by: 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 September 2, 2010
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