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HomeMy WebLinkAboutORDINANCES-1988-058-O-888/26/88 • 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. 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: There shall be no extension of the date for final public garage budget approval by the City and for the developer to furnish to the City final binding written commitments for financing. • SECTION 4: 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: C��iLl 0 1988 Adopted: �� 1988 ATTEST./ Clerk Approved: CCI , 1988 Mayor Approved as to form: u�n,,/ , Corporation Counsel N -2- 0 • 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.) August 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. March 31, 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. • August 31, 1988* Commencement Date of the Ground Lease August 31, 1988* Commencement Date of the Air Rights Lease * or on the date of construction commencement, whichever is earlier.