HomeMy WebLinkAboutORDINANCES-1990-055-O-906/7/90
55-0-90
AN ORDINANCE
Authorizing the City Manager to Execute Amendments
To Air Rights Lease With Rescorp Development, Inc.
For Church Street/Chicago Avenue Project
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS:
SECTION 1: That the amendments to the Church
Street Project Schedule of Major Dates as
set forth in Exhibit A, as part of certain leases between the
City as landlord and Church Street Associates Limited
'Partnership, an Illinois Limited Partnership of which Rescorp
Development, Inc., Cragin Service Corporation, Fidelity
Corporation, 'Holbrook Enterprises, Inc., and Liberty Lincoln
Service Corporation, are the general partners and an Illinois
land trust to be formed, of which Church Street Associates
Limited Partnership is the sole beneficiary, are hereby accepted
by the City Council of the City of Evanston for the following
described real property:
All that part of Lot 1 in Plat of Consolidation
of the South 12 feet of Lot 3 and all of lots 4,
5, 6, 7, 8, 9, and 10, together with all that
part of Lot 3 and Lot 3 (except the south 12 feet
thereof), all in Block 14, in Evanston, in the
East half of Section 18, Township 41 North,
Range 14,, East of the Third Principal Meridian,
in Cook -County, Illinois,
commonly known as City of Evanston Parking Lot 28.
55-0-90
6/7/90
SECTION 2: The City Manager is hereby authorized
and directed to sign, and the City Clerk
is hereby authorized and directed to attest to the aforesaid
amendments as set forth in Exhibit A, provided, however, that
the project is in compliance with all applicable codes,
including the Zoning Ordinance. The City Manager is further
authorized to negotiate any changes or additional terms and
i
conditions with respect to the lease of the aforesaid real
property as may be deemed fit and proper.
SECTION 3: The City Manager and the City Clerk,
respectively, are hereby authorized and
directed to execute, attest and deliver such other documents,
agreements and certificates as may be necessary.
Introduced: _ 1990
Adopted: ,c/!2� C� 1990
Mayor
ATTEST:
City lerk
,proved a t(form:
Cor'porati, ounse
-2-
- -Church Street/Chica-go Avenue Project - -- -
Schedule o,.f Major Dates
August 31, 1988-- Final Public Garage budget approval date
for the City. Last day for developer to
- furnish to- City -final binding written -
commitments for financing.
November 30, 1988 - Last date for commencement of construction
of the project (90 days after final binding
written commitment for financing is
obtained).
October 31, 1989 - Completion date for Public Garage subject-_
to extension for unavoidable delays.
November 30, 1989 - Latest date cn which payment of minimum
rent of $130,000/year commences under
the Air Rights Lease_
May 31, 1990 - Final completion date for the Public Garage
notwithstanding unavoidable delays.
August 20, 1990 - Completion date for project subject to
extension for unavoidable delays.
December 31, 1990 - Final completicn date for the project
notwithstanding unavoidable delays.
February 28, 1991 - Latest date on which payment of minimum
rent/year commences under the Ground
Lease.
October 10, 1988 - Commence Date of the Ground Lease.
October 10, 1988 - Commence Date of the Air Rights Lease.