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 6-month permit extension to Corn Products International, Inc., on approximately 14.02 acres of District land located at 6400 South Archer Avenue in Bedford Park, Cook County, Illinois, and known as Main Channel Parcel 33.01, consideration shall be a fee of $23,500.00
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Dear Sir:
Corn Products International, Inc., a/d/b/a Corn Products, U.S., (“Corn Products”) occupies approximately 14.02 acres of District land located at 6400 South Archer Avenue in Bedford Park, Cook County, Illinois, and known as Main Channel Parcel 33.01. This site is used to operate a pumping station in conjunction with adjacent property used to manufacture and distribute corn products. Upon expiration of the prior lease, Corn Products continued to occupy the site under a permit pending completion of statutory leasing procedures.
The statutory appraisal process for this matter has been complicated and unduly drawn out due to, among other things, the District’s imposed requirement that the site not be occupied by humans during the lease term due to blasting activities related to a District corporate project on a nearby site. Those issues have now been resolved. Because the leasing process will not be completed before the permit expiration date of September 30, 2010, it is recommended that a 6-month permit extension be authorized to allow Corn to continue to occupy the site pending completion of the statutory leasing procedures.
The Site Remediation Engineer has reported that an assessment of the property revealed no recognized environmental conditions. Corn Products has submitted a site vacation/exit plan in the event it is not the highest responsible bidder for the site. The Site Remediation Section has reviewed the exit plan and found it acceptable. A bond of $300,000.00 will be required to guarantee completion of the exit plan, if needed.
The permit fee of $23,500.00 is 10% of the pro rata share of the property’s most recent appraised value.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize the issuance of a 6-month permit extension to Corn Products International, Inc., on approximately 14.02 acres of District land located at 6400 South Archer Avenue in Bedford Park, Cook County, Illinois, and known as Main Channel Parcel 33.01. Consideration shall be a fee of $23,500.00.
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 extension agreement once approved by the General Counsel as to form and legality.
Requested, Frederick M. Feldman, General Counsel, FMF:CL:JCC: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 September 2, 2010
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