Office of the City Clerk - Record #: O2016-5533

• Record #: O2016-5533
• Type: Ordinance
• Status: Passed
• Intro date: 7/14/2016
• Current Controlling Legislative Body: Committee on Transportation and Public Way
• Final action: 7/20/2016
• Title: Release of restrictive covenant associated with vacation of W Carroll St from N Peoria St to N Halsted St
• Sponsors: Burnett, Jr., Walter
• Topic: STREETS - Vacations

Date	Journal Page Number	Action By	Action	Result
7/20/2016	29245	City Council	Passed	Pass
7/14/2016		Committee on Transportation and Public Way	Recommended to Pass	Pass
7/14/2016		Committee on Transportation and Public Way	Direct Introduction

ORDINANCE FOR RELEASE OF USE RESTRICTION COVENANT





WHEREAS, on February 11, 2004 the City Council of the City of Chicago ("City Council") passed a certain ordinance (C.J. pp. 18556-18560), (referred to herein as the "Vacation Ordinance"), which ordinance provided for an industrial program ("Industrial Program") street vacation ("Vacation") of the full width of W. Carroll Street, between the east line of N. Peoria Street and the west line of N. Halsted Street ("Subject Property"); and


WHEREAS, the Vacation Ordinance provided that the Vacation of the Subject Property was conditioned upon a restrictive use covenant running with the land ("Restrictive Use Covenant"), that required the Subject Property be used only for "manufacturing (including production, processing, cleaning, servicing, testing and repair) of materials, goods or'products only, and for those structures and additional uses which are reasonably necessary to permit such manufacturing use including the location of necessary facilities, storage, employee and customer parking, and other similar uses and facilities"; and


WHEREAS, the Restrictive Use Covenant was recorded on April 7th, 2004 with the Office of the Cook County Recorder of Deeds as Document Number 0409831099, and is attached hereto as Exhibit A; and


WHEREAS, the Vacation Ordinance was recorded on April 7 , 2004 with the Office of the Cook County Recorder of Deeds as Document Number 0409831098 and is attached hereto as Exhibit B: and


WHEREAS, Section 3 of the Vacation Ordinance sets forth that the Restrictive Use Covenant "may be released by the City only upon approval of the City Council which may condition its approval upon the payment of such compensation which it deems to be equal to the benefits accruing because ofthe vacation ofthe public way with restrictions on its use"; and


WHEREAS, 330 North Green LLC, an Illinois Limited Liability Company ("Current Owner"), is the current titleholder of the vacated Subject Property subject ...