TRANSMITTAL LETTER FOR BOARD MEETING OF AUGUST 10, 2023
COMMITTEE ON REAL ESTATE
Mr. Brian A. Perkovich, Executive Director
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Authority to enter into a Termination of Lease Agreement with the United States of America, Department of the Navy, on behalf of the United States Marine Corps, relating to its lease of 7.25± acres of District real estate located at 3034 West Foster Avenue in Chicago, Illinois; North Shore Channel Parcels 9.09 and 9.14
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Dear Sir:
The United States of America, Department of the Navy, on behalf of the United States Marine Corps (“Marine Corps”), currently leases 7.25± acres of District real estate located at 3034 West Foster Avenue in Chicago, Illinois, known as North Shore Channel Parcels 9.09 and 9.14. The current lease commenced July 1, 2014, and expires June 30, 2053. The Marine Corps has utilized this site as an armory and reserve training center since 1959. Annual rent is a nominal fee of $10.00.
The Marine Corps has notified the District that it no longer needs the site and has requested to terminate the lease agreement. Termination of the lease will allow the District to enter into a new lease and subsequent purchase agreement for the property with the City of Chicago, the authorization for which is being requested simultaneously in a separate transmittal letter. The Marine Corps will be responsible for restoring the premises, as required by the lease agreement.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize the District to enter into a Termination of Lease Agreement with the United States of America, Department of the Navy, on behalf of the United States Marine Corps, relating to its lease of 7.25± acres of District real estate located at 3034 West Foster Avenue in Chicago, Illinois, known as North Shore Channel Parcels 9.09 and 9.14.
It is further requested that the Executive Director recommend to the Board of Commissioners that it authorize and direct the Chairman of the Committee on Finance and the Clerk to execute said Termination of Lease Agreement, and any related surrender or termination documentation, after approval by the General Counsel as to form and legality.
Requested, Susan T. Morakalis, General Counsel, STM:BJD:NOC
Recommended, Brian A. Perkovich, Executive Director
Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for August 10, 2023
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