Title
AGREEMENT BETWEEN THE CHICAGO PARK DISTRICT AND THE CHICAGO YACHT CLUB - MONROE 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 leasehold interest to the CYC to use, occupy, and control the submerged lands beneath the CYC docks that are located north of the club at Monroe Harbor as well as utilize certain space owned by the District to be used by the CYC for the purpose of maintaining thereon a parking lot and dinghy rack and related facilities. In addition, the District will also have a right to use a portion of the CYC land for our operations.
The agreement will be for 10 years effective upon the date of execution with an extension of 10 years upon mutual consent of both parties. The CYC will pay an annual rent of $40,000 for the initial period and an annual rent of $52,500 per year during the extension period, if agreed upon by the parties.
II. Budget and Financial Information
Budget Classification: Operating Funds - Marine Revenue
Fiscal Year: 2021 - 2030 Fiscal Years
Source of Funds: Rental payment
III. Explanation
The State of Illinois Department of Transportation is designated under Illinois law as the trustee authorized to exercise administrative jurisdiction and control over the bed of Lake Michigan, and commencing in 1992, authorized the District to enter into lease agreements and to administer, negotiate, and collect all rentals for harbor or mooring facilities for Monroe Harbor.
The District and CYC have a long relationship of working together with agreements that date as far back as 1954. As part of the 1999 Agreement, the CYC built a public service building on land that is partially on CYC land and partially on District land on the south edge that houses public
III. Explanation (c...
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