ORDINANCE USE RESTRICTION COVENANT
WHEREAS, on February 16, 2000 the City Council of the City of Chicago ("City Council") passed a certain ordinance (C.J. pp. 25954, 25956-25960), (referred to herein as the "Vacation Ordinance"), which ordinance provided for an industrial program ("Industrial Program") alley vacation ("Vacation") of all of the east-west 10 foot wide public alley in the block bounded by W, Randolph Street, W. Washington Boulevard, N. Aberdeen Street and N. Carpenter 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 August 8th, 2000, with the Office ofthe Cook County Recorder of Deeds as Document Number 00604709, and is attached hereto as Exhibit A; and
WHEREAS, the Vacation Ordinance was recorded on August 8th, 2000 with the Office of the Cook County Recorder of Deeds as Document Number 00604708, and is attached hereto as Exhibit B: and
WHEREAS, Section 4 of the Vacation Ordinance sets forth that the Restrictive Use Covenant "may be released or abandoned by the City only upon approval of the City Council which may condition its approval upon the payment of such additional compensation which it deems to be equal to the benefits accruing because of the release or abandonment"; and
WHEREAS, 110 N. Carpenter, LLC, a Delaware Limited Liability Company ("Developer"), is the current titleholder of the vacated S...
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