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Record #: O2016-3222   
Type: Ordinance Status: Passed
Intro date: 4/13/2016 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 5/18/2016
Title: Agreement with Chicago Lakeside Development LLC for exchange of real estate for maintainance of Triangle Park
Sponsors: Emanuel, Rahm
Topic: AGREEMENTS - Miscellaneous
Attachments: 1. O2016-3222.pdf
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OFFICE OF THE MAYOR
CITY OF CHICAGO
RAHM EMANUEL
MAYOR
April 13,2016









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


Ladies and Gentlemen:

At the request of the Commissioner of Transportation, I transmit herewith an ordinance authorizing an agreement for a property exchange regarding Lakeside Development.

Your favorable consideration of this ordinance will be appreciated.

Very truly yours,

Mayor
ORDINANCE

WHEREAS, the City of Chicago 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 acquired certain parcels of property from various property owners for use by the City in connection with the US 41 Relocation Project (the "Project"); and

WHEREAS, the parcels of property legally described on Exhibit B-1 and shown on Exhibit B-2 attached hereto as Parcel 1 ("Parcel 1") and Parcel 2 ("Parcel 2") were not used by the City for the Project; and

WHEREAS, Chicago Lakeside Development, LLC, a Delaware limited liability company, (the "Developer") is interested in acquiring Parcel 1 and Parcel 2 from the City for the purpose of maintaining a public park ("Triangle Park"); and

WHEREAS, in exchange for a quitclaim deed, subject to those certain permitted exceptions in the deed ("Deed"), from the City for Parcel 1, and the vacation of Parcel 2, Developer has agreed to dedicate to the City the following parcels of property: (1) a 33-foot wide strip of land legally described on Exhibit A-1 and shown on Exhibit A-2 attached hereto to be improved by the City as 86th Street between South Green Bay Avenue and South Burley Avenue; and (2) a 66-foot wide strip of land legally described on Exhibit C-1 and shown on Exhibit C-2 attached hereto to be improved by the City as 84th Street between South Green Bay Avenue and South Lake Shore Drive (collectively, the "Dedicatio...

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