TRANSMITTAL LETTER FOR BOARD MEETING OF MAY 2, 2013
COMMITTEE ON REAL ESTATE
David St. Pierre, Executive Director
Title
Authority to commence statutory procedures to lease 3.5 acres of District real estate located at 2125 Fulton Avenue in Blue Island, Illinois, and known as Cal-Sag Channel Parcel 15.09 and to waive the policy of authorizing leases for no longer than a 60-year term for commercial development (Deferred from the April 18, 2013 Board Meeting)
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Dear Sir:
The Community Builders, Inc. ("TCB") has requested to lease for a 75-year term 3.5 acres of real estate located at 2125 Fulton Avenue in Blue Island, Illinois, and known as Cal-Sag Channel Parcel 15.09. TCB proposes to develop the site into an affordable workforce residential community and to implement Green Infrastructure to capture stormwater run-off, including permeable pavers, green roofs and vegetated bio-swales.
The site is currently under lease to the City of Blue Island ("Blue Island") to operate a Metra commuter parking lot. Blue Island has requested to surrender its lease on this site to allow it to be made available for leasing pursuant to the District's statutory leasing process. A companion Board transmittal letter is being presented at this meeting seeking authority to consent to Blue Island's early surrender of its lease.
TCB is requesting a 75-year lease term to allow it to secure appropriate financing for this project. A waiver of the Board policy is therefore requested in this instance since current Board policy requires that lease terms not exceed 39-years, and in some instances involving commercial development not exceed 60-years.
The District's technical departments have no objections to making this site available for lease for 75-years.
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 to lease 3.5 acres of District real estate located at 2125 Fulton Avenue in Blue Island, Illinois, and known as Cal-Sag Channel Parcel 15.09 and to waive the policy of authorizing leases for no longer than a 60-year term for commercial development, and upon the other terms and conditions set forth above.
Requested, Ronald M. Hill, General Counsel, RMH:SM:rg
Recommended, David St. Pierre, Executive Director
Respectfully Submitted, Mariyana T. Spyropoulos, 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 May 2, 2013
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