Title
AGREEMENT BETWEEN THE CHICAGO PARK DISTRICT AND THE CHICAGO YACHT CLUB - BELMONT HARBOR
Body
To: The Honorable Board of Commissioners of the Chicago Park District
I. Recommendation
It is recommended that the Board of Commissioners (the "Board") of the Chicago Park District (the "District") approve an agreement with the Chicago Yacht Club ("CYC"). The agreement would renew a license to the CYC to operate and maintain a houseboat in Belmont Harbor commonly referred to as "Belmont Station" as well as certain docks and other land and land based facilities including parking spaces.
The agreement will be for 10 years effective on the date of execution with an extension of 5 years upon mutual consent of both parties. The CYC will pay an annual rent of $33,000 for the initial year and then future years will be adjusted for inflation.
II. Budget and Financial Information
Budget Classification: Operating Funds - Marine Revenue
1.9310.9310.417005.1.1.1.1
Fiscal Year: 2021 - 2031 Fiscal Years
Source of Funds: Rental payment
III. Explanation
The District has under its jurisdiction and control certain harbors and harbor facilities along the shores of Lake Michigan among which is Belmont Harbor. The District has the authority to enter into license agreements and to administer, negotiate, and collect all rentals for harbor or mooring facilities for Belmont Harbor.
The CYC partnered with the District in 2004 when the District reconfigured Belmont Harbor as part of the reconstruction of Lake Shore Drive. The CYC relocated Belmont Station and certain facilities from the south western edge of Belmont Harbor to its current spot at the southeast corner
III. Explanation (cont.)
of the harbor at a cost of over $1.2 million. In addition, the CYC donated certain facilities and equipment valued at over $500,000 to the District.
The District and CYC have a long relationship of working together with agreements that dates as far back as the 1920's relating to Be...
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