TRANSMITTAL LETTER FOR BOARD MEETING OF JANUARY 19, 2012
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authority to commence statutory procedures for a 10-year lease of approximately 4,300 square feet of improved District real estate located at Irving Park Road and Long Meadow Lane in Hanover Park.
Body
Dear Sir:
At its meeting of March 19, 1987, the Board of Commissioners awarded a 25-year lease to St. Paul Federal Bank for Savings n/k/a RBS Citizens, N.A. d/b/a Charter One Bank (“RBS Citizens”) for the use and occupancy of approximately 4,300 square feet of District real estate located at Irving Park Road and Long Meadow Lane in Hanover Park for a drive-through teller lane for a full-service branch office of a financial institution with banking, parking and drive-up facilities. The annual rent is $1,456.00.
The subject site is improved with a drive-through teller lane and an asphalt parking area. RBS Citizens has requested a new 10-year lease to continue to use the subject real estate for a drive-through teller lane and parking.
The District's technical departments have reviewed the subject request and have indicated that the subject site is not needed for corporate use nor do they have 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 statutory procedures for a 10-year lease of approximately 4,300 square feet of improved District real estate located at Irving Park Road and Long Meadow Lane in Hanover Park upon the terms and conditions set forth herein.
Requested, Ronald M. Hill, General Counsel, RMH:STM:NPE:rg
Recommended, David St. Pierre, 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 January 19, 2012
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