ORDINANCE FOR RELEASE OF PLAT OF PARKING EASEMENT
WHEREAS, on November 26, 2008, a Plat of Parking Easement was recorded with the Office of the Cook County Recorder of Deeds, as Document Number 0833139067 (referred to herein as the "Easement Plat"); and
WHEREAS the Easement Plat was requested by the Chicago Department of Transportation's Traffic Management Unit, and made to benefit the City of Chicago for public parking purposes, on five (5) feet of private property along N. Carpenter Street between W. Carroll Avenue and W. Kinzie Street ("Parking Easement") hereto attached as EXHIBIT A; and
WHEREAS, Chicago Title Land Trust 2288 (Beneficiary Louis Freidheim) ("Developer"), is the current owner of the lots at 338-356 N Carpenter Street, and the original grantor of the Parking Easement; and
WHEREAS, the Developer now wishes to be released from the Parking Easement; and
WHEREAS, the City Council may condition its release upon the payment of such compensation which it deems to be equal to the benefits accruing because of the release or abandonment of the Parking Easement; and
WHEREAS, the City, upon due investigation and consideration, has determined that the public interest now warrants a release of the Parking Easement for the payment of such compensation which it deems to be equal to the benefits accruing to the Developer because of the release of the Parking Easement; now, therefore,
Be It Ordained by the City Council of the City of Chicago!
SECTION 1. The recitals above are incorporated herein.
SECTION 2. The release of the Parking Easement, in its entirety, set forth in the
Easement Plat, is hereby approved upon the express condition that within one hundred eighty
(180) days after the passage of this ordinance, the Developer shall pay orqause to be paid to
the City of Chicago as compensation for the benefits which will accrue to the Developer the
amount of wEighty-Six Thousand Two Hundred Fifty Dollars ($ 86,250.00 ), which
sum in the j...
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