TITLE
AUTHORIZATION TO TRANSFER PERSONAL PROPERTY PURSUANT TO A LONG TERM LOAN AGREEMENT TO FRIENDS OF THE VIKING SHIP, AN ILLINOIS NOT-FOR-PROFIT
BODY
To the Honorable Board of Commissioners of the Chicago Park District:
I. Recommendation
Pursuant to Chapter X, Section F.3 of the Code of the Chicago Park District, the Director of Planning and Development and the Director of Purchasing recommend that the Board of Commissioners of the Chicago Park District (the “Board”) authorize the Director of Purchasing or their designee to transfer the personal property consisting of a sculpture of the bust of Capt. Magnus Andersen to Friends of the Viking Ship, an Illinois not-for-profit corporation (the “Lessee”) for a term of twenty years pursuant to a loan agreement (the “Agreement”) between the Chicago Park District and Lessee. The Department of Purchasing further recommends that the Board authorize the General Superintendent or their designee (“General Superintendent”) to negotiate, enter into, and execute such transfer instruments, agreements, amendments, indemnities, and other documents and perform any and all acts as shall be necessary or advisable in connection with the transaction described herein.
II. Award Information
Lessee: Friends of the Viking Ship
PO Box 83
Geneva, IL 60134
Company Type: Not-For-Profit Corporation
Transfer Type: Loan of Personal Property
Agreement Type: Loan Agreement
Agreement Period: 20-year initial term with one (1) additional five (5) year extension option.
Beneficial Interest: As noted in Section IV(4) below, the Lessee has submitted an Economic Disclosure Statement (“EDS”). As required by Chapter I, Section D.1(a)(1) of the Code, Section II(B)(2) of the Awardee’s EDS discloses the following persons or legal entities having a direct or indirect, current or prospective beneficial interest (including ownership) in excess of 7.5% of the Lessee:
Friends of the Viking Ship - 100% interest
Authorization: Au...
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