TRANSMITTAL LETTER FOR BOARD MEETING OF MAY 2, 2013
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
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Consent to the City of Blue Island's early surrender of its 25-year lease agreement on 3.5 acres of District real estate located at 2125 Fulton Avenue in Blue Island and known as Cal-Sag Channel Parcel 15.09 for use as a Metra commuter parking lot. Consideration shall be $10.00 (Deferred from the April 18, 2013 Board Meeting)
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Dear Sir:
The City of Blue Island ("Blue Island") currently leases the subject 3.5 acres under a 25-year lease that commenced October 15, 1990 and expires October 14, 2015. Under the lease, Blue Island operates and maintains a Metra commuter parking facility. The annual rent is $1.00; however, additional compensation is in the form of a requirement that Blue Island regularly landscape and maintain the District's adjacent SEPA station.
Blue Island has requested that it be allowed to surrender its lease on this site so that the District can commence statutory leasing process for a new long-term lease on this site. The Community Builders, Inc. has requested to lease this site for residential housing. Any lease on this site for development will require obtaining a lease through the District's statutory leasing process.
A condition of allowing Blue Island to surrender its lease will be that it continue to maintain and landscape the adjacent SEPA station.
It is requested that the Executive Director recommend to the Board of Commissioners that it consent to the City of Blue Island's early surrender of its 25-year lease agreement on 3.5 acres of District real estate located at 2125 Fulton Avenue in Blue Island and known as Cal-Sag Channel Parcel 15.09 for use as a Metra commuter parking lot. Consideration shall be $10.00.
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 Consent to the Surrender Agreement and any other related documents after they are approved by the General Counsel as to form and legality.
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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