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 judgment of this body will be equal to such benefits.
, SECTION 3. The Parking Easement shall be released in its entirety upon the express
condition that within one hundred eighty (180) days after the passage of this ordinance the
Developer shall file or cause to be filed in the Office of the Recorder of Deeds of Cook County,
Illinois a certified copy of this ordinance. . ■ ,.
SECTION 4. If any provision of this ordinance shall be held to be invalid or unenforceable for any reason, the invalidity or unenforceability of such provision shall not affect any ofthe other provisions of this ordinance.
SECTION 5. This ordinance shall take effect upon its passage and publication.
Release of Plat of Parking Easement Approved:
EXHIBIT B
Legal Description Of
Parking Easement Area to be Released
THE EAST FIVE (5) FEET OF LOTS 8, 11 AND 12 IN BLOCK 6 IN CARPENTER'S ADDITION TO CHICAGO, A SUBDIVISION OF THE SOUTHEAST V* OF SECTION 8, TOWNSHIP 39 NORTH, RANGE 14, EAST OF THE THIRD PRINCIPAL MERIDIAN (EXCEPT THOSE PARTS OF LOTS 8 AND 9 LYING NORTH OF A STRAIGHT LINE DRAWN FROM A POINT ON THE WEST LINE OF SAID BLOCK 6 A DISTANCE OF 158.45 FEET SOUTH , AS MEASURED ON SAID WEST LINE OF THE SOUTH LINE OF KINZIE STREET TO A POINT ON THE EAST LINE OF SAID BLOCK 6 A DISTANCE OF 159.32 FEET SOUTH, AS MEASURED ON SAID EAST LINE, OF THE SOUTH LINE OF KINZIE STREET, SAID STRAIGHT LINE BEING THE SOUTH LINE OF PARCEL 7 CONVEYED TO THE CHICAGO, MILWAUKEE AND ST. PAUL RAILWAY COMPANY BY DOCUMENT 4220047 IN COOK COUNTY ILLINOIS
AFFECTING PIN 17-08-402-007
THIS TRANSFER IS EXEMPT PURSUANT TO THE PROVISIONS OF THE REAL ESTATE TRANSFER TAX ACT, 35 ILCS 200/31-45; AND SECTION 3-33-060.B OF THE CHICAGO TRANSACTION TAX ORDINANCE.