ORDINANCE FOR RELEASE OF USE RESTRICTION COVENANT
WHEREAS, on September 27, 2007 the City Council of the City of Chicago ("City Council") passed that certain ordinance (C.J. pp. 10239 to 10244), (referred to herein as the "Vacation Ordinance"), which ordinance provided for an industrial program ("Industrial Program") alley vacation ("Vacation") of the remaining east-west alley in the block bounded by W. Washington Boulevard, W. Madison Street, N. Bishop Street and N. Ogden Avenue ("Subject Property"); and
WHEREAS, the Vacation Ordinance provided that the Vacation of the Subject Property was conditioned, in part, 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^November 30, 2007 with the Office of the Cook County Recorder of Deeds as Document Number 0733409021, and is attached hereto as Exhibit A: and
WHEREAS, the Vacation Ordinance was recorded on November 30, 2007 with the Office oMhe Cook County Recorder of Deeds as Document No. 0733409020, 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 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 vacation of the public way with restrictions on its use"; and
WHEREAS, 14 North Bishop, LLC, an Illinois limited liability company ("Developer"), is the current beneficiary...
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