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HomeMy WebLinkAboutORDINANCES-1987-131-O-87LJ • • 131-0=87 AN ORDINANCE Authorizing the Lease with Option to Purchase Certain Air Rights in Certain Municipally Owned Real Property WHEREAS, the City of Evanston owns the real property bounded by Clark Street on the North, Chicago Avenue on the West, Church Street on the South, and a public alley on the East, commonly known as City of Evanston Parking Lot 28 legally described as follows and hereinafter referred to as the "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 2 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, and WHEREAS, the City Council of the City of Evanston has determined that it is no longer necessary, appropriate, required, or in the best interest of the City of j Evanston that it retain title to certain air rights in the Property, and that said air rights in said Property are not required for the use of, or profitable to, the City of Evanston; and WHEREAS, the City Council of the City of Evanston has determined that the best interest of the City of Evanston would be served by the lease with option to tenant to purchase said air rights in said Property to qualified parties who will develop the sarne for residential use, including a residential structure containing apartment units and a parking garage for the use of residents thereof; and WHEREAS, pursuant to Ordinance 87-0-87 of the City of Evanston adopted September 28, 1987, the City Council byr a vote of 2/3 of the elected aldermen then holding office did direct that the process to lease with an option to purchase certain air rights in said Property shall be by negotiation and that the City Manager shall be authorized to negotiate on behalf of the City; and WHEREAS, pursuant to said ordinance said negotiations have occurred; and WHEREAS, the City Manager recommends that a lease with option to purchase between the City of Evanston, 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, as tenant, be accepted by the City. Said lease is marked as Exhibit A, attached hereto and incorporated herein by reference; and 0 -2- i I WHEREAS, the City Council finds and determines that the best interest of the City of Evanston and its residents will be served by the acceptance of the lease with option to tenant to purchase on the terms as set forth in attached Exhibit A; and • WHEREAS, the notice of intent to lease with option to purchase has been published in a newspaper of general circulation in the City of Evanston as required by ordinance; NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF EVANSTON, COOK COUNTY, ILLINOIS: SECTION 1: The City Council of the City of Evanston finds as fact the recitals hereinabove set fortis, SECTION 2: The negotiated lease with option to purchase certain air rights to 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, as tenant; attached as Exhibit A hereto, is hereby accepted by the City Council of the City of Evanston for certain air rights in 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 2 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 3: The City Manager is hereby authorized and directed to sign, and the City Clerk is hereby authorized and directed to attest, a lease with option to tenant to purchase certain air rights in the aforesaid real property, which lease shall be in accordance with attached 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 changed or additional terms and conditions with respect to the lease with option to tenant to purchase certain air rights in the aforesaid real property as may be deemed fit and proper. SECTION 4: The City Manager and the Clerk, respectively, are hereby • authorized and directed to execute, attest, and deliver such documents, agreements and certificates as may be necessary to effectuate the transaction herein authorized, including the Development Agreements, Construction and Acquisition Contract, and the Guaranty, and other documents referred to in said lease. I -3- • • • SECTION 5: Upon satisfaction of the terms of the aforesaid lease, and upon the payment or securing of the purchase price and exercise of the option to purchase in the manner provided in said lease, the City Manager is hereby authorized and directed to convey and transfer certain air rights in the aforesaid real property to 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 or its assignee by a proper deed of conveyance, stating therein the consideration as set forth in Exhibit A, and the City Clerk is hereby authorized to acknowledge and attest such deed, and to affix thereto the Seal of the City of Evanston. SECTION 6: The City Manager and, the Clerk are hereby authorized respectively, to execute and attest such other documents as may be necessary to the conveyance herein authorized. SECTION 7: All ordinances or parts of ordinances in conflict herewith are hereby repealed. SECTION 8: This ordinance shall be in full force and effect from and after is passage, approval, and publication in the manner provided by law. Introduction: 198 V Adopoted: 198 Approved: Mayor ATTEST: City Clerk Appr ved as to form: Corporation Counsel 198 �.