Be It Ordained by the City Council of the City of Chicago:
SECTION 1. Permission and authority are hereby given and granted to PPF / MB N. Michigan Avenue Venture, LLC, upon the terms and subject to the conditions of this ordinance to maintain and use, as now constructed, two (2) Vault(s) under the public right-of-way adjacent to its premises known as 669 N. Michigan Ave
Said Vault(s) at N. Michigan Avenue measure(s):
One (1) at sixty (60) feet in length, and eleven (11) feet in width for a total of six hundred sixty (660) square feet. Said Vault(s) at E. Erie Street measure(s):
One (1) at one hundred (100) feet in length, and nineteen (19) feet in width for a total of one thousand nine hundred (1900) square feet.
The location of said privilege shall be as shown on prints kept on file with the Department of Business Affairs and Consumer Protection and the Office of the City Clerk.
Said privilege shall be constructed in accordance with plans and specifications approved by the Department of Transportation (Office of Underground Coordination).
This grant of privilege in the public way shall be subject to the provisions of Section 10-28-015 and all other required provisions of the Municipal Code of Chicago.
The grantee shall pay to the City of Chicago as compensation for the privilege #1127233 herein granted the sum of seventeen thousand two hundred sixty-nine ($17,269.00) per annum in advance.
A 25% penalty will be added for payments received after due date.
The permit holder agrees to hold the City of Chicago harmless for any damage, relocation or replacement costs associated with damage, relocation or removal of private property caused by the City performing work in the public way.
Alderman
Authority herein given and granted for a period of five (5) years from and after 02/26/2017.
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