ORDINANCE
WHEREAS, the City of Chicago (the "City"), as a home rule unit of government under the 1970 Constitution of the State of Illinois, has the authority to promote the health, safety and welfare of its inhabitants, and to enter into contractual agreements with third parties for the purpose of achieving the aforesaid purposes; and
WHEREAS, Chicago Title Land Trust Company as Trustee under a trust agreement dated December 1, 1975, No. 38176, an Illinois land trust (the "Grantee"), is the owner of that certain property with improvements located thereon and commonly known as 430 North Michigan Avenue, Chicago, Illinois (the "430 Property"); and
WHEREAS, the City is the owner of certain public right of way located between the buildings at 430 and 444 North Michigan Avenue, Illinois; and
WHEREAS, the City Council of the City of Chicago (the "City Council"), by ordinances adopted on July 8, 1998 (published in the Journal of the Proceedings of the City Council ("Journal") for such date at pages 73004 through 73013) granted to Grantee permission and authority to construct and maintain a public plaza deck spanning the east/west alley located between 430 North Michigan Avenue and 444 North Michigan Avenue ("Original Privilege"); and
WHEREAS, the Department of Revenue of the City of Chicago issued a permit to Grantee (Permit No. 42582) to maintain and use the public plaza in accordance with the ordinance for a period of twenty (20) years; and
WHEREAS, the Original Privilege has expired and Grantee has requested the City to extend the term of the Privilege, and the City supports continued grant of privilege for this public plaza; and
WHEREAS, the City, acting through its Department of Transportation ("CDOT"), and the Grantee now wish to extend the Privilege for a period of twenty-five (25) years; now, therefore,
Be It Ordained by the City Council of the City of Chicago:
SECTION 1. The above recitals are expressly incorporated in and made a part of this ordinance as ...
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