ORDINANCE FOR RELEASE OF USE RESTRICTION COVENANT
WHEREAS, on February 7, 1996 the City Council of the City of Chicago ("City Council") passed a certain ordinance (C.J. pp. 15774 through 15780) (referred to herein as the "Vacation Ordinance"), which ordinance provided for an industrial program ("Industrial Program") street vacation ("Vacation") of a portion of W. Erie Street between approximately vacated N. Union Avenue (formerly known as N. Putnam Street) and the North Branch of the Chicago River ("Subject Property"); and
WHEREAS, the Vacation Ordinance provided that the Vacation of the Subject Property was conditioned upon the recording of a restrictive use covenant running with the land ("Restrictive Use Covenant"), that restricted the use of the Subject Property "to the 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 similar other uses and facilities"; and
WHEREAS, the Restrictive Use Covenant was recorded on July 25, 1996 with the Office of the Cook County Recorder of Deeds as Document Number 96568953, and is attached hereto as Exhibit A; and
WHEREAS, the Vacation Ordinance was recorded on July 25, 1996 with the Office of the Cook County Recorder of Deeds as Document Number 96568952, and is attached hereto as Exhibit B: and
WHEREAS, Section 4 of the Vacation Ordinance sets 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, IL-777 West Chicago, LLC, a Delaware limited liability company ("Developer"), f/k/a (L-Freedom Cen...
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