TRANSMITTAL LETTER FOR BOARD MEETING OF NOVEMBER 1, 2012
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authority to issue a 6-month permit extension to W.E. O'Neil Construction Company on 3 acres of District real estate located at 4100 West 41st Street in Forest View, Illinois, part of Main Channel Parcel 38.11. Consideration shall be $40,000.00
Body
Dear Sir:
On February 16, 2012, the Board of Commissioners authorized a 9-month permit extension to W.E. O'Neil Construction Company ("O'Neil") for continued occupancy of the subject property. The permit extension was issued upon the expiration of O'Neil's 5-year permit on the site. The original permit was extended to allow O'Neil time to complete an environmental site assessment and to vacate the site.
O'Neil has now submitted a Phase II Environmental Assessment which revealed that no remediation work on the site is necessary. O'Neil reports that it is currently in negotiations to purchase land to move its operations and anticipates that it will vacate and restore the permit premises within 6 months. O'Neil's permit extension expires on November 30, 2012. A 6-month permit extension is therefore being requested to allow time to vacate the premises.
The annual permit fee for the site is $76,500.00, which was based upon 10% of the site's appraised fair market value. It is recommended that consideration for the permit extension be $40,000.00, which represents the pro-rata share of 10% of the fair market value plus a 3.5% inflation rate.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize and approve the issuance of a 6-month permit extension to W.E. O'Neil Construction Company on 3 acres of District real estate located at 4100 West 41st Street in Forest View, Illinois, part of Main Channel Parcel 38.11. Consideration shall be $40,000.00.
It is also 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 the permit extension agreement after it is approved by the General Counsel as to form and legality.
Requested, Ronald M. Hill, General Counsel RMH:STM:BEB: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 November 1, 2012
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