HomeMy WebLinkAboutORDINANCES-1989-135-O-89•
135-0-89
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 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.
•
135-0-89
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 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: Z6'.e'�q 1989
Adopted:�1989
Approved: (,��y� �, 1989
Mayo Pro Tem
ATTES :
City Clerk „
Approved as to form
Corporation -CAE
-2-
EXHIBIT "A' `
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.)
November 6, 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.