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Record #: O2016-6085   
Type: Ordinance Status: Passed
Intro date: 7/20/2016 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 9/14/2016
Title: Lease agreement with Chicago Title Land Trust, solely as trustee for beneficiary Irving Sterling Venture LLC for premises at 3542-3552 W Irving Park Rd for use by Chicago Public Library
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Lease
Attachments: 1. O2016-6085.pdf
OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
July 20, 2016










TO THE HONORABLE, THE CITY COUNCIL OF THE CITY OF CHICAGO


Ladies and Gentlemen:

At the request of the Commissioner of Fleet and Facility Management, I transmit herewith ordinances authorizing the execution of lease agreements.

Your favorable consideration of these ordinances will be appreciated.

Mayor


Very truly yours,
ORDINANCE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO:

SECTION 1: On behalf of the City of Chicago as Tenant, the Commissioner of the Department of Fleet and Facility Management is authorized to execute a Lease with Chicago Title Land Trust as trustee and Irving Sterling Venture, LLC as beneficiary under Trust Number 132968, collectively as Landlord, for use of approximately 11,700 square feet of building space located at 3542-3552 West Irving Park Road by the Chicago Public Library as the Independence Branch Library; such Lease to be approved by the Commissioner of the Chicago Public Library, the President of the Chicago Public Library Board of Directors, and approved as to form and legality by the Corporation Counsel in substantially the following form:
LEASE NO. 19007

LEASE

THIS LEASE is made and entered as of the day of 2016, by and
between IRVING STERLING VENTURE LLC, an Illinois limited liability company ("Irving"), CHICAGO TITLE LAND TRUST COMPANY not personally but solely as Trustee under a Trust Agreement dated March 28, 2005 and known as Trust Number 132968 ("Land Trust") and the CITY OF CHICAGO, an Illinois municipal corporation and home rule unit of local government (hereinafter referred to as "Tenant" or "City").

RECITALS

WHEREAS, Land Trust is the owner of the real property more commonly known as 3530-58 West Irving Park Road, Chicago, Cook County, Illinois ( "Irving Plaza"); and

WHEREAS, Irving is the beneficiary of Land Trust; and

WHEREAS, Irving and Land Trust are collectively referred to in this Lease as "Landlord"; and

WHEREAS...

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