ORDINANCE FOR RELEASE OF USE RESTRICTION COVENANT
WHEREAS, on September 13, 2006, the City Council of the City of Chicago ("City Council") passed a certain ordinance (C.J. pp.84835-84838) (referred to herein as the "Vacation . Ordinance"), which ordinance provided for an industrial program ("Industrial Program") street vacation ("Vacation") of all of N. Talman Avenue between the south right of way line of W. Fulton Street and the north right of way line of W. Lake Street ("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 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 facilitieSi storage, employee and customer parking, and other similar uses and facilities"; and
WHEREAS, the Restrictive Use Covenant was recorded on January 18, 2007 with the Office of the Cook County Recorder of Deeds as Document Number 0701815119, and is attached hereto as Exhibit A: and
WHEREAS, the Vacation Ordinance was recorded on January 18, 2007 with the Office of the Cook County Recorder of Deeds as Document No. 0701815118, and is attached hereto as Exhibit B: and
WHEREAS, Section 6 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 vacation of the public way with restrictions on its use"; and
WHEREAS, RDS Properties, LLC, an Illinois limited liability company ("Developer"), is the curren...
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