Title
AUTHORITY TO ACCEPT THE TRANSFER OF PROPERTY FOR THE EXPANSION OF ELLIS PARK FROM THE CITY OF CHICAGO AND TO ENTER INTO LEASES TO FACILITATE THE DEVELOPMENT OF A NEW FIELD HOUSE
Body
To: The Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
It is recommended that the Board of Commissioners of the Chicago Park District (i) authorize the Chicago Park District to become part of a project entity (ii) authorize that project entity to enter into a 99-year Ground Lease for the occupancy of land at 35th Street and South Cottage Grove Avenue, in Chicago, as well as the new field house being developed at this location (iii) authorize the Chicago Park District to enter into a sublease with the project entity allowing for the District to operate the new field house, and (iv) authorize the adoption an ordinance for the acceptance of approximately 2.43 acres of land for the expansion of Ellis Park from the City of Chicago.
It is further recommended that the Board authorize the General Superintendent, or his designee, to negotiate, enter into, and execute such agreements, amendments, indemnities, and instruments and perform any and all acts as shall be necessary or advisable in connection with the transactions described herein.
II. Agreement Information
Grantor: City of Chicago
121 N. LaSalle St.
Chicago, IL 60611
Transfer Type: Intergovernmental Property Transfer in accordance with 50ILCS 605/2(a) of the Local Government Property Transfer Act.
Granting Instrument: Ground Lease, Quit Claim Deed and Intergovernmental Agreements from the City of Chicago.
Agreements: Intergovernmental agreements, amendments to intergovernmental agreements, lease, sublease and, if applicable, temporary right of entry, easements, restrictive covenants, and any other agreements or instruments necessary to comply with any restrictions of record for a portion or the entirety of the Property and the transfer of funds for developmen...
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