ORDINANCE FOR THE RELEASE OF USE RESTRICTION COVENANT
WHEREAS, on May 15, 2008 the City Council of the City of Chicago ("City") passed an ordinance (C.J. pp.28129, 28131-28136) (the "Vacation Ordinance"), which such Vacation Ordinance provided for an industrial program ("Industrial Program") street vacation ("Vacation") of all of West Carroll Avenue between N. Morgan Street and N. Sangamon Street; and a portion of N. Sangamon Street between approximately W. Kinzie Street and W. Wayman Street; and
WHEREAS, a portion of the lots adjacent to the Vacation area have now been sold to a developer who wishes to construct a hotel on a portion of the original Vacation area, namely, on the westernmost half of the vacated W. Carroll Street between the east line of N. Morgan Street and the western line of N. Sangamon Street (the "Subject Property"), as legally described on Exhibit A, attached hereto, and as more precisely shown on the plat ("Plat") attached hereto as Exhibit B; and
WHEREAS, the Vacation Ordinance provided that the Vacation was conditioned upon a restrictive use covenant running with the land ("Restrictive Use Covenant"), that required, in part, 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 September 18, 2008 with the Office of the Cook County Recorder of Deeds as Document Number 0826245110, attached hereto as Exhibit C; and
WHEREAS, the Vacation Ordinance was recorded on September 18, 2008 with the Office of the Cook County Recorder of Deeds as Document No. 0826245111, attached hereto as Exhibit D: and
WHEREAS, Section 5 of the Vacation Ordin...
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