ORDINANCE JP MORGAN CHASE Acct No 88170 - 162 Permit No. 1138478 '
Be It Ordained by the City Council of the City of Chicago:
SECTION 1. Permission and authority are hereby given and granted to JP MORGAN CHASE, upon the terms and subject to the conditions of this ordinance to maintain and use, as now constructed, two (2) Pedestrian Tunnel(s) and two (2) Vehicle Tunnels under and across South Clark Street, the north side of said tunnels shall begin on the east property line of said South Clark Street at a point one hundred eighty-one point forty-four (T 81.44) feet south of the south curb line of West Madison Street, hence northwesterly to the west property line of said South Clark Street to a point one hundred fifty-three point forty-four (153.44) feet south of the south curb line of said W. Madison Street. Said tunnels shall be approximately sixty (60) feet in width on the east side of said South Clark Street, forty-five (45) feet in depth and nine (9) feet below grade at said location and shall be used for the purpose of connecting the lower levels of the buildings to be located on the block bounded by West Madison, South Clark. West Monroe and South Dearborn Streets with the property of said grantee known as 40 South Clark Street.
The location of said privilege shall be as shown on prints kept on file with the Department of Business Affairs and Consumer Protection and the Office of the City Clerk.
Said privilege shall be constructed in accordance with plans and specifications approved by the Department of Planning and Development and Department of Transportation (Office of Underground Coordination).
This grant of privilege in the public way shall be subject to the provisions of Section 10-28-015 and all other required provisions of the Municipal Code of Chicago
The grantee shall pay to the City of Chicago as compensation for the privilege #1138478 herein granted the sum of eighty-nine thousand eight hundred fifty-six ($89,856.00) per annum in advance.
A 25% penalty will be added for payments received after due date.
The permit holder agrees to hold the City of Chicago harmless for any damage, relocation or replacement costs associated with damage, relocation or removal of private property caused by the City performing work in the public way.
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Authority herein given and granted for a period of five (5) years from and after 05/11/2012.
