HomeMy WebLinkAbout93-262 •
Resolution No. 93-262
RESOLUTION
AUTHORIZING EXECUTION OF AN AMENDMENT TO
GROUND LEASE AGREEMENT WITH CENTER CITY
PLACE LIMITED PARTNERSHIP
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ELGIN,
ILLINOIS, that George VanDeVoorde, Mayor, and Dolonna Mecum,
City Clerk, be and are hereby authorized and directed to
execute an Amendment to Ground Lease Agreement on behalf of
the City of Elgin with Center City Place Limited Partnership,
a copy of which is attached hereto and made a part hereof by
reference.
s/ George VanDeVoorde
George VanDeVoorde, Mayor
Presented: October 13, 1993
Adopted: October 13, 1993
Vote: Yeas 7 Nays 0
Attest:
s/ Dolonna Mecum
Dolonna Mecum, City Clerk
AMENDMENT TO GROUND LEASE AGREEMENT
THIS AGREEMENT made on this /YtX day of Cc (, 1993,
between the City of Elgin, Illinois, a municipal corporation,
(hereinafter referred to as the "City" ) and Center City Place
Limited Partnership, an Illinois limited partnership
(hereinafter referred to as "Center City" ) , witnesses :
WHEREAS, on September 11, 1992, the City entered
into a certain ground lease agreement with Center City Joint
Venture for property owned by the City and commonly known as
156-158 Division Street, Elgin, Illinois (hereinafter referred
to as the "ground lease" ) ; and
WHEREAS, said ground lease was assigned by Center
City Joint Venture to Center City Place Limited Partnership on
September 11, 1992 ; and
WHEREAS, the City has since acquired title to the
vacant lot to the north of and adjacent to the property which
is the subject of the ground lease between the City and Center
City; and
WHEREAS, the parties hereto desire to amend the
subject ground lease by incorporating the additional property
to the north acquired by the City into said ground lease with
said additional property to be leased by Center City under the
same terms and conditions of the existing ground lease
agreement.
NOW, THEREFORE, it is hereby agreed by and between
the parties hereto, for and in consideration of the mutual
covenants and promises contained within the original ground
lease agreement and the mutual promises and covenants
contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby
acknowledged:
1 . That this Amendment Agreement is hereby
incorporated into and amends the ground lease agreement
previously entered into on September 11, 1992 .
2 . That the original legal description attached to
the subject ground lease agreement as Exhibit A is hereby
amended by adding the following additional property and legal
description to said Exhibit A (hereinafter referred to as the
"subject additional property" ) :
"The South 24 . 1 feet of the North 55 . 0 feet of
the West 50 feet of Lot 1 in Block 2 of S.N.
Dexter' s Addition to Elgin, in the City of
Elgin, Kane County, Illinois . "
3 . That Center City agrees within thirty ( 30) days
hereof, and at its own cost, to demolish and remove the
existing billboard sign located on the subject additional
property. Center City further agrees to immediately
thereafter remove and clear any other debris located on the
subject additional property and to plant grass and other
suitable landscaping thereon. It is further agreed to and
understood that Center City shall thereafter maintain the
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subject additional property as a courtyard accessory to the
adjacent senior residence in a satisfactory condition pursuant
to the other terms and conditions as set forth in the ground
lease agreement.
IN WITNESS WHEREOF, the parties hereto have executed
this Amendment Agreement the day and year first written above.
CITY OF ELGIN CENTER CITY PLACE LIMITED
� fy,%4-- PARTNERSHIP, an Illinois
partnership
By:
Georg VanDeVoorde, Mayor
Attest: By: Center City Joint Venture,
an Illinois partnership,
�t� ,, its general partner
Dolonna Mecum, City Clerk
By: Merriam/Zuba, Ltd. , an
Illinois corporation, a
general partner
By: ,vz y S Z 0 b A
Name: ✓�
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( I ), )Agenda Item No .
7tC fE
October 1, 1993
MEMORANDUM
TO: Mayor and Members of City Council
FROM: Robert 0. Malm, Acting City Manager
SUBJECT: Center City Place--Amendment to Ground Lease Agreement
PURPOSE: It is proposed that the City enter into an amendment
to the existing ground lease agreement for the Douglas Hotel
property. The purpose of the amendment is to incorporate the
vacant lot to the north of the Douglas Hotel property into the
ground lease.
BACKGROUND: On September 11, 1992 , the City entered into a
ground lease agreement for the Douglas Hotel property. The
City has since acquired title to the vacant lot to the north
of and adjacent to the property which is subject to the ground
lease. The property was acquired by the City in May of 1993
for the total amount of $17 , 000, with Center City Place
Limited Partnership contributing $8,500 towards the purchase
price. The City and Center City Limited Partnership desire to
amend the ground lease by incorporating the additional
property into the ground lease with the additional property to
be leased by Center City under the same terms and conditions
of the existing ground lease agreement. Center City has
already complied with the terms of the proposed amendment with
respect to the demolition of the former billboard sign on the
additional property and by planting grass and other
landscaping thereon.
FINANCIAL IMPACT: No financial impact will result as a result
of the proposed amendment to the ground lease. No additional
rent is proposed nor will any additional improvement costs be
incurred by the City.
RECOMMENDATION: It is recommended that the proposed amendment
to the ground lease agreement with Center City Place Limited
Partnership be approved.
Robe O. M 1
Acting City Manager