Title
AUTHORIZATION TO ENTER INTO AN AMENDMENT TO THE DUSABLE PARK AGREEMENT AND TO TAKE OTHER ACTIONS REGARDING THE CONSTRUCTION OF DUSABLE PARK
Body
To: The Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
The Director of Planning and Development recommends, notwithstanding the lack of Economic Disclosure Statements ("EDSs"), that the Board of Commissioners (the "Board") of the Chicago Park District (the "Park District"): (i) ratify that certain DuSable Park Agreement dated October 31, 2023 (the "Agreement") among the Park District, RMW Acquisition Company LLC, a Delaware limited liability company, and Waterfront Park Builder LLC, an Illinois limited liability company, for the funding and management of the construction of DuSable (Jean Baptiste Pointe) Park at 401 N. Jean-Baptiste Pointe DuSable Lake Shore Drive (the "Park"); (ii) authorize the General Superintendent or their designee to enter into an amendment (the "Amendment") to the Agreement; and (iii) authorize the expenditure of Park District funds for the construction of the Park.
II. Agreement Information; Authorization
Other Parties: RMW Acquisition Company LLC ("400 Owner")
Waterfront Park Builder LLC ("WPB")
400 Owner and WPB are both located at 350 W. Hubbard St., Ste. 300, Chicago, IL 60654
Company Type: 400 Owner is a Delaware limited liability company
WPB is an Illinois limited liability company
Agreement Term: The Park District has provided plans and is obtaining permits for the construction of the Park, which now means that the Agreement shall expire one year after the completion of the construction of the Park.
Agreement Amount: 400 Owner shall contribute not to exceed $10,000,000 for the construction of the Park. The Park District shall contribute the balance of funds for the construction of the Park, including $4,600,000 of Park District funds and not to exceed $5,000,000 of Open Space Impact Fee ("OSIF") funds received from the City of Ch...
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