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This record contains private information, which has been redacted from public viewing.
Record #: SO2016-7458   
Type: Ordinance Status: Failed to Pass
Intro date: 10/5/2016 Current Controlling Legislative Body: Committee on Transportation and Public Way
Final action:
Title: Long-term easement agreement with 401 South State Street Owner LLC for property at 401 S State St
Sponsors: King, Sophia D.
Topic: AGREEMENTS - Easement
Attachments: 1. SO2016-7458.pdf, 2. O2016-7458.pdf
Related files: R2019-362
SUBSTITUTE 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, 401 S. State Street Owner, LLC, a Delaware Limited Liability Company ("Grantee") is the owner of the Leiter II Building, an eight story commercial building and Chicago Landmark property commonly known as 401 South State Street (the "Property"); and

WHEREAS, the Property predates the existence of W. Congress Parkway and protrudes into W. Congress Parkway approximately between the planes of 26.4'CCD/ 11.8' above grade and 149.8' CCD/135.2', and for its support columns supporting same ("Easement Area'); and

WHEREAS, the Easement Area was previously permitted pursuant to a November 21, 1950 Indenture Agreement between the City and the Grantee's predecessor as approved by the Chicago City Council and as recorded with the Office of the Cook County Recorder of Deeds on July 25, 1952 as Document No. 15395845, Book 48135, Page 372; and
WHEREAS, Grantee seeks to continue its permitted use of the space occupied by its building over the public way, and for its columns supporting same, all in the Easement Area; and
WHEREAS, the Easement Area excludes the area at grade that will continue to serve as part of the public way containing pedestrian sidewalk and curb, and the vaults below grade 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 a long term easement for the Property will not interfere with the City's traffic infrastructure and will benefit the business; and

WHEREAS, the City is willing to grant Grantee an easement on the same terms and conditions set forth in the Public Way Easement Agreement (the "Public Way Easement Agreement") attached her...

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