ORDINANCE
WHEREAS, the City of Chicago (the "City"), as a home rule unit of government under the 1970 Constitution of the State of Illinois, has the authority to promote the health, safety and welfare of its inhabitants, and to enter into contractual agreements with third parties for the purpose of achieving the aforesaid purposes; and
WHEREAS, 200 South Wacker IL LLC, a Delaware limited liability company (the "Manager"), is the owner of that certain property with improvements located thereon and commonly known as 200 South Wacker Drive, Chicago, Illinois (the "200 Property"); and
WHEREAS, the City is the owner of certain public right of way located between 200 South Wacker Drive, Chicago, Illinois and 250 South Wacker Drive, Chicago, Illinois and commonly known as Quincy Park; and
WHEREAS, it is the City and the Manager's understanding that a prior owner of the 200 Property entered into an agreement with the City in July 1987 pursuant to which the prior owner agreed to build and then maintain a park on a portion of West Quincy Street that is east of the Chicago River and west of Upper Wacker Drive (the "Open Space Parcel"); and
WHEREAS, the area known as Lower West Quincy Street that is accessible to vehicles is not part of the Open Space Parcel; and
WHEREAS, the City and the Manager have not been able to find any written agreement that memorializes the understanding referred to in the recital above, nor have they found any documentation that indicates any such agreement is binding on Manager; and
WHEREAS, the City, acting through its Department of Transportation ("CDOT"), and the Manager now wish to enter into a management and maintenance agreement for the Open Space Parcel in substantially the form attached hereto as Exhibit A (the "Agreement'); now, therefore,
BE IT ORDAINED BY THE CITY OF CHICAGO:
SECTION 1. The above recitals are expressly incorporated in and made a part of this ordinance as though fully set forth herein.
SECTION 2. The Agreement shall contain...
Click here for full text