LIMITED RELEASE OF SUBWAY RIGHTS
SUBSTITUTE ORDINANCE
WHEREAS, on August 20, 2019, the Department of Planning and Development ("DPD") of the City of Chicago ("City") issued site plan review approval for the construction of a mixed-use building with 639 dwelling units and retail space (the "Project") in Planned Development 70, Subarea D, Parcel BTE at the address commonly known as 210 North Stetson Avenue (the "Property") and owned by 215 North Michigan Owner LLC ; and
WHEREAS, the Property is subject to a 1969 obligation by the Illinois Central Railroad (predescessor owner to 215 North Michigan Owner LLC) to dedicate for the City a to the City a 4-foot section of public right-of-way for subway purposes along its east lot line and extending vertically to an unobstructed height of 26.00 feet above Chicago City Datum for its entire length and width (collectively with any other property rights the City may have in the Property related to the subway, the "Subway Rights") as described on Exhibit A, and depicted in Exhibit B, attached hereto; and
WHEREAS, the Subway Rights were created under section 12B(3) of the 1969 Amendatory Lake Front Ordinance dated September 17, 1969, and recorded April 10, 1970, as Document 21132412, for the purposes of constructing a new transit line known as the "Monroe Street Distributor Subway"; and
WHEREAS, the Monroe Street Distributor Subway was part of a "Distributer System" envisioned in the 1968 Chicago Central Area Transit Plan, which has since been abandoned; and
WHEREAS, the Project will require that 215 North Michigan Owner LLC, a Delaware limited liability company (together with its successors and/or assigns, the "Developer") build within the area ofthe Subway Rights; and
WHEREAS, on September 19, 2019, the Developer submitted an application to the Chicago Department of Transportation ("CDOT") to release the Subway Rights; and
WHEREAS, CDOT does not object to the Developer's request to release the Subway Rights, provided that ...
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