ORDINANCE FOR LONG TERM EASEMENT
WHEREAS, the City of Chicago ("City") is a home rule unit of government by virtue of the provisions of the Constitution of the State of Illinois of 1970 and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, the City Council of the City of Chicago, after due investigation and consideration, has determined that the nature and extent of the public use and the public interest to be subserved is such as to warrant a long term easement for an existing pedestrian overpass over the public alley described in the following ordinance; now therefore,
WHEREAS, SP5 Wood K2 Apartments, LLC, a Delaware limited liability company ("Grantee") is the owner of the property commonly identified as 365 North Halsted Street, Chicago, Illinois ("Grantee's Property"); and
WHEREAS, Grantee has proposed the development of a pedestrian overpass (the "Overpass') to . bridge the public right of way between the Grantee's Property and the existing commercial building occupied by a grocery store located at 370 North Des Plaines Avenue (the "Des Plaines Building"); and
WHEREAS, the Overpass will promote safety and welfare by allowing the residents of the Grantee's Property to traverse between the Grantee's Property and the Des Plaines Building protected from the weather and vehicular traffic on N. Union Avenue; and
WHEREAS, Grantee has expended a substantial sum in constructing the Overpass, and related construction, in order to facilitate the interconnection between the Grantee's Property and the Des Plaines Building; and
WHEREAS, the Overpass will require the use of the public right-of-way, specifically the limited air rights above the grade of the alley, as more fully described on the Plat of Easement attached hereto and make a part hereof as Exhibit A; and
WHEREAS, the Department of Transportation has determined that the Overpass will not interfere with the City's traffic infrastructure and will...
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