HomeMy WebLinkAboutORDINANCES-1989-113-O-899/6/89
113-0-89
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 Consoliation 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 tot 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.
•
SECTION 2: The City Manager is hereby authorized
and directed to sign, and the City Clerk
k'
is hereby authorized and directed to attest to the
• I
aforesaid amendments as set forth in Exhibit A,
provided, however, that the project is in compliance
r# with all applicable codes, including the Zoning i
Ordinance. The City Manager is further authorized to
negotiate any changes or additional terms and 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: �k¢-�f/ii�StP./, 1989
• Adopted: 1989
Approved z� ;� �.fJGG(�� 1989
Mayor
ATTEST:
4City Clerk
o
Approved as to form
Cc;46ration Counsel
I]
�",�sv . . ��'c�� '.are.+:;�»x+��; � • �s;6!(= `" �� '`.'�`":r,,Src�'<,'r-i�': t� ; 4":�?�".�"'-..f"g,cJw.vrz:tyY'i),'?g:'��*',;.�fa?r' c;�;:d?Y:�s_:.: .::�_ ti Ja`E:=$:,�:�-�:8?7a��}.'-�'c=1'::�'=;t�+'n ;'iWY�L�' ` G`"::
ei3'�3.`s��."°.s''x�iish!.r,2:=.Zt:.s�2+....s..ai .Sirry.s�.uf.�e::•�.m'im-lftr�:i.;'Sn%"svaa.�..,.:._�:.u...n..��-1ic.:_'�'oe:":.'�`'')`:r'r_-i�...ra..._,a.."Y='�::,�3Fns.'.t:.�i"c`..�.:,..5's`-.caa<=s;:�",3au't�c,�T;..__ L..y, :•� _
Church Street/Chicago Avenue Project
Schedule of 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 on which payment of minimum
rent of $130,000/year commences under
the Air Rights Lease.
June 10, 1990 - Completion date for project subject to
extension for unavoidable delays.
May 31, 1990 - Final completion date for the Public Garage
notwithstanding unavoidable delays.
December 31, 1990 - Final completion 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 - Commencement Date of the Ground Lease.
October 10, 1988 - Commencement Date of the Air Rights Lease.