Title
AUTHORITY TO ACCEPT THE TRANSFER OF PROPERTY LOCATED AT 10355 S. WOODLAWN AVENUE AND TO ENTER INTO LEASES TO FACILITATE THE DEVELOPMENT FOR A NEW PARK AND FIELD HOUSE FROM CHICAGO NEIGHBORHOOD INITIATIVES
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 authorize the General Superintendent to negotiate the following proposed terms (i) the Park District would become part of a project entity (ii) that project entity would enter into a 99-year Ground Lease or accept title to the land at 10355 S. Woodlawn Avenue for purposes of facilitating the financing. A new field house is to be developed at the site according to Chicago Park District Design standards or as the Park District otherwise agrees, (iii) also for purposes of facilitating the financing, the project entity would enter into a sublease with the Roseland Youth Center allowing for the Roseland Youth Center to operate the new field house, the District would occupy the field house upon transfer of title to the property and (iv) the future acceptance by the Chicago Park District of the new fieldhouse located on the 13.35 acre site for a new park.
It is further recommended that the Board authorize the General Superintendent, or his designee, to negotiate, such agreements, amendments, indemnities, and instruments and perform any and all acts as shall be necessary or advisable in connection with the negotiation of the proposed transaction described herein.
II. Agreement Information
Grantor: Chicago Neighborhood Initiatives
1000 East 111th Street, 10th Floor
Chicago, IL 60628
Granting Instrument: Ground Lease, Sublease and Deed
Agreements: Agreements, amendments to agreements 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 entiret...
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