TRANSMITTAL LETTER FOR BOARD MEETING OF APRIL 5, 2012
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Authority to issue a 6-month permit to RBS Citizens, N.A. d/b/a Charter One Bank for the continued use of approximately 4,300 square feet of District real estate located at Irving Park Road and Long Meadow Lane in Hanover Park, Illinois, for a drive-through teller lane and parking. Consideration shall be $2,500.00.
Body
Dear Sir:
RBS Citizens, N.A. d/b/a Charter One Bank f/k/a St. Paul Federal Bank for Savings ("RBS Citizens") leases approximately 4,300 square feet of District real estate under a 10-year lease that expires May 31, 2012. The leasehold is located at Irving Park Road and Long Meadow Lane in Hanover Park, Illinois and is used for a drive-through teller lane and parking. The annual rent is $1,456.00.
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.
On January 19, 2012, the Board of Commissioners granted authority to commence procedures for a new 10-year lease on approximately 4,300 square feet of District real estate at the subject location.
A 6-month permit is being recommended to allow RBS Citizens to continue to occupy the site for the same permitted use as is allowed under its current lease, to allow time to obtain appraisals, to complete the statutory leasing process on the subject property and to allow time to vacate if it is not the high bidder and awarded a lease. The District's minimum fee of $2,500.00 is recommended as the current annual rent, which was based upon 2002 appraisals, is less than the District's standard document preparation fee of $2,500.00.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize the issuance of a 6-month permit to RBS Citizens, N.A. d/b/a Charter One Bank for the continued use of approximately 4,300 square feet of District real estate located at Irving Park Road and Long Meadow Lane in Hanover Park, Illinois, for a drive-through teller lane and parking. Consideration shall be $2,500.00.
It is further requested that the Executive Director recommend to the Board of Commissioners that the Chairman of the Committee on Finance and the Clerk be authorized and directed to execute said permit agreement after it is approved by the General Counsel as to form and legality.
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 April 5, 2012
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