ORDINANCE FOR RELEASE OF USE RESTRICTION COVENANT
WHEREAS, on July 7, 1999 the City Council of the City of Chicago ("City") passed a certain ordinance (C.J. pp. 7188-7191) (referred to herein as the "Vacation Ordinance"), which such Ordinance provided for an industrial program ("Industrial Program") alley vacation ("Vacation") of all of the east-west 18 foot public alley in the block bounded by W. Carroll Avenue, W. Fulton Street, N. Elizabeth Street and N. Ada 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 September 22nd, 1999 with the Office of the Cook County Recorder of Deeds as Document Number 99893697, attached hereto as Exhibit A: and
WHEREAS, the Vacation Ordinance was recorded on September 22, 1999 with the Office of the Cook County Recorder of Deeds as Document No. 99893696, attached hereto as Exhibit B: and
WHEREAS, in Section 3 of the Vacation Ordinance set 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, 1330 W. Fulton, LLC, a Delaware Limited Liability Company, 323 N. Ada, LLC, A Delaware Limited Liability Company, and Fulton West Land LLC, a Delaware...
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