TIME EXTENSION ORDINANCE
LIMITED RELEASE OF SUBWAY RIGHTS
WHEREAS, on January 15th, 2020 the City Council of Chicago ("City") approved a substitute ordinance appearing on pages 13396 through 13403 of the Journal of the Proceedings to release certain subway rights to 215 North Michigan Owner LLC (the Developer); and
WHEREAS, Section 3 of said ordinance expressly required the recording of the ordinance within one hundred eighty days of the date of passage by the City Council; and
WHEREAS, the Developer did not record the ordinance by the required deadline; and
WHEREAS, the City seeks to extend the allowable recording time to allow the Developer to successfully record the release; and
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 the Developer; and
WHEREAS, the Property is subject to a 1969 obligation by the Illinois Central Railroad (predecessor 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 Di...
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