Record #: O2022-3796   
Type: Ordinance Status: Passed
Intro date: 11/16/2022 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 12/14/2022
Title: Lease agreement with WELBIC IV Chicago 2701 LLC for portion of warehouse facility, loading dock, offices and employee parking lot at 2315 W 27th St/2701 S Western Ave
Sponsors: Lightfoot, Lori E.
Topic: AGREEMENTS - Lease
Attachments: 1. O2022-3796.pdf
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OFFICE OF THE MAYOR
CITY OF CHICAGO
LORI E. LIGHTFOOT
MAYOR
November 16, 2022










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


Ladies and Gentlemen:

At the request ofthe Commissioner of Assets, Information and Services, I transmit herewith an ordinance authorizing the execution ofa new lease agreement with Wclbic IV Chicago 2701 LLC.

Your favorable consideration ofthis ordinance will be appreciated.

Mayor
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 Assets, Information & Services is authorized to execute a Lease with WELBIC IV CHICAGO 2701 LLC, a Delaware limited liability company, as Landlord, for a portion of the warehouse, loading dock, office space and parking lot located at 2315 W. 27th Street/2701 S. Western Avenue, Chicago, such Lease to be approved as to form and legality by the Corporation Counsel in substantially the following form:
2315 W. 27th Street/2701 S. Western Avenue Lease No. 12074

SECTION 2: This Ordinance shall be effective from and after the date of its passage and approval.
LEASE NO. 12074

LEASE

THIS LEASE (the "Lease") is made and entered into this day of October, 2022
(the "Execution Date"), by and between WELBIC IV CHICAGO 2701 LLC, a Delaware limited liability company (hereinafter referred to as "Landlord") and the CITY OF CHICAGO (hereinafter referred to as "Tenant").

RECITALS

WHEREAS, Landlord is the owner of the real property located at 2701 South Western Avenue, Chicago, Cook County, Illinois (the "Property"), consisting of an approximately 120,590 square foot footprint warehouse building containing ancillary offices space (the "Building") that is divided into multiple and is situated on 4.5 acre parcel with shared parking; and

WHEREAS, Landlord is marketing the easternmost unit of the Property as available for lease; and

WHEREAS, Tenant desires to lease ...

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