SUBSTITUTE VACATION AND DEDICATION ORDINANCE
WHEREAS, the City of Chicago ("City") is a home rule unit of local government pursuant to Article VII, Section 6 (a) ofthe 1970 constitution of the State of Illinois and, as such, may exercise any power and perform a ny function pertaining to its government and affairs; and
WHEREAS, the properties at 381-383 E. Wacker Drive are owned by Lakeshore East, LLC, an Illinois limited liability company (the "Developer"); and
WHEREAS, the Developer proposes to use those portions of North Field Boulevard to be vacated herein for a multi-use development that will include a building which will be approximately 1,200 feet tall and will provide approximately 410 residential dwelling units, approximately 210 hotel rooms, and parking; and
WHEREAS, the Developer shall dedicate land to the public and open up such land for public use as a public street; and
WHEREAS, the City Council of the City of Chicago, after due investigation and consideration, has determined that the nature and extent of the public use and the public interest to be subserved is such as to warrant the vacation of those parts of public street described in the following ordinance; now therefore,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:
SECTION 1.
DEDICATION FOR PUBLIC STREET:
In accordance with the terms and conditions of this Ordinance, Developer shall dedicate or cause to be dedicated to the public and open up for public use as public street the following described property:
DEDICATION PARCEL 1
THAT PART OF LOT 5 IN LAKESHORE EAST SUBDIVISION, BEING A SUBDIVISION OF PART OF THE UNSUBDIVIDED LANDS LYING EAST OF AND ADJOINING FORT DEARBORN ADDITION TO CHICAGO, SAID ADDITION BEING IN THE SOUTHWEST FRACTIONAL QUARTER OF SECTION 10, TOWNSHIP 39 NORTH, RANGE 14, EAST OF THE THIRD PRINCIPAL MERIDIAN, IN COOK COUNTY, ILLINOIS, ACCORDING TO THE PLAT THEREOF RECORDED MARCH 4, 2003 AS DOCUMENT 0030301045, SAID PART OF LOT 5 LYING BELOW A HORIZONTAL PLANE ...
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