TRANSMITTAL LETTER FOR BOARD MEETING OF MAY 15, 2025
COMMITTEE ON REAL ESTATE
Mr. John P. Murray, Acting Executive Director
Title
Consent to the assignment of lease agreement dated October 7, 2021, between the District and Lakeshore Recycling Systems, LLC on 9.3± acres of District real estate located south of the Main Channel and west of Central Avenue in Forest View, Illinois, known as Main Channel Parcel 38.13, to Chicago ORA, LLC. Consideration shall be a document preparation fee of $5,000.00
Body
Dear Sir:
Lakeshore Recycling Systems, LLC (“LRS”) currently leases 9.3± acres of District real estate located south of the Main Channel and west of Central Avenue in Forest View, Illinois, known as Main Channel (“MC”) Parcel 38.13, for a recycling facility, storage yard, transfer station and barge terminal. The lease commenced January 1, 2022, and expires December 31, 2060. LRS’s current annual rent is $228,289.54. LRS is permitted to assign the lease subject to the District’s written consent.
LRS seeks to assign the lease to Chicago ORA, LLC (“ORA”) for recycling organic waste, which is consistent with the purposes authorized under the lease. In accordance with the terms of the lease, LRS requests the District’s consent to assign the lease to ORA.
The District’s Finance Department has reviewed ORA’s financial and company background information, including that of its parent company, Vanguard Renewables Holdings, LLC. Based on that review, along with the required security deposit and bond, ORA demonstrates the ability to meet its financial obligations under the lease. Additionally, LRS will remain liable for the financial obligations under the lease after the assignment.
It is requested that the Acting Executive Director recommend to the Board of Commissioners that it consent to the assignment of lease agreement dated October 7, 2021, between the District and Lakeshore Recycling Systems, LLC on 9.3± acres of District real estate located south of the Main Channel and west of Central Avenue in Forest View, Illinois, known as Main Channel Parcel 38.13, to Chicago ORA, LLC. Consideration shall be a document preparation fee of $5,000.00.
It is also requested that the Acting 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 Consent to Assignment of Lease Agreement after it is approved by the General Counsel as to form and legality.
Requested, Susan T. Morakalis, General Counsel, STM:BJD:NOC:vp
Recommended, John P. Murray, Acting Executive Director
Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for May 15, 2025
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