Welcome to Scribd, the world's digital library. Read, publish, and share books and documents. See more
Download
Standard view
Full view
of .
Look up keyword or section
Like this
1Activity
0 of .
Results for:
No results containing your search query
P. 1
Majestic Building - Shubert Hotel, Central Loop TIF

Majestic Building - Shubert Hotel, Central Loop TIF

Ratings: (0)|Views: 20|Likes:
Published by ChicagoTalks_TIF

More info:

Published by: ChicagoTalks_TIF on Dec 11, 2010
Copyright:Attribution Non-commercial

Availability:

Read on Scribd mobile: iPhone, iPad and Android.
download as PDF, TXT or read online from Scribd
See more
See less

11/09/2011

pdf

text

original

 
ContractSummary
Sheet
Contract(PO)Number:
11352
SpecificationNumber:
44575
NameofContractor:
SHUBERTHOTELASSOCIATES,LLC
CityDepartment:
PLANNING
&
DEVELOPMENT
Title
of
Contract:
RedevelopmentAgreement:MajesticBuilding
Term
of
Contract:StartDate:
9/30/2005
EndDate:
12/3112008
DollarAmount
of
Contract(ormaximumcompensationifaTermAgreement)(DUR):
$5,565,650.00
Brief
Description
of
Work:
RedevelopmentAgreement:MajesticBuilding
Procurement
Services
ContractArea:
COMPTROLLER-OTHER
VendorNumber:50067862SubmissionDate:
~ A N
2
Z008
8000973
 
15600
JOURNAL--CITYCOUNCIL--CHICAGO
12/17/2003
designatedasthedeveloperfortheProjectand
that
D.P.D.beauthorizedtonegotiate,execute
and
deliveronbehalfoftheCityaredevelopmentagreementwiththeDeveloperfortheProject;now,therefore,
Be
It
Ordained
by
the
City
Coundl
of
the
City
of
Chicago:
SECTION
1.Theaboverecitalsareincorporatedhereinandmadeaparthereof.
SECTION
2.TheDeveloperPartiesareherebydesignatedasthedeveloperfortheProjectpursuanttoSection
5/
11-74.4-4oftheAct.
SECTION
3.TheCommissionerof
D.P.D.
(the"Commissioner")oradesigneeoftheCommissionerareeachherebyauthorized,withtheapprovaloftheCity'sCorporationCounselastoformandlegality,tonegotiate,executeanddelivera
redevelopment
agreement
between
the
Developer
Parties
and
the
City
in
substantiallytheformattachedheretoasExhibitAandmadeaparthereof(the"RedevelopmentAgreement"),andsuchothersupportingdocumentsasmaybenecessarytocarryoutandcomplywiththeprovisionsoftheRedevelopmentAgreement,withsuchchanges,deletions
and
insertionsasshallbeapprovedbythepersonsexecutingtheRedevelopmentAgreement.SECTION4.Ifanyprovisionofthisordinanceshallbeheldtobeinvalidorunenforceableforanyreason,theinvalidityorunenforceabilityofsuchprovisionshallnotaffectanyoftheotherprovisionsofthisordinance.
SECTION
5.
All
ordinances,resolutions,motionsorordersinconflictwiththisordinanceareherebyrepealedtotheextentofsuchconflict.
SECTION
6.Thisordinanceshallbeinfull
force
andeffectimmediatelyuponitspassageandapproval.Exhibit
Il
A"
referredtointhisordinancereadsas
follows:
 
12/17/2003
REPORTS
OF
COMMI'ITEES
15599totheActasameansoffinancingcertainArearedevelopmentprojectcosts(asdefinedinthe
Act)
incurredpursuanttothePlan;
and
WHEREAS,
MonroePresentations,
L.L.C.
r'Monroe")
haspreviouslyacquiredthetwenty
(20)
storybuildinglocated
at
22WestMonroeStreetcommonlyknownastheMajesticBuilding(the"Building"];and
WHEREAS,
Monroe
intends
tovertically
subdivide
or
otherwise
separateownership
of
the
Building
and
thereafter
sell
to
its
affiliate,
Shubert
HotelAssociates,
L.L.C.
(the
"Developer"),
floorssix
(6)
--
twenty
(20)
oftheBuilding(the"HotelImprovements")whileretainingownershipoftheunderlyingrealproperty,thebasementandthefirst
five
(5)
floorsoftheBuilding(the"TheaterImprovements");and
WHEREAS,
TheDevelopershallthereafterperformcertainrenovationandhistoricpreservationworkrelatingtotheShubertTheater,whichislocated
in
theTheaterImprovements(the"Theaterand
Lobby
Work")
andcertainrenovation,historicpreservationandlifesafetyworkrelatingtotheBuilding'sexteriorwallandterracottafacade(the"ExteriorandFacade
Work")
(togetherwiththeTheaterand
LobbyWork,
andcertainrelateduseandoperationscovenants,the"TheaterRenovation
Project");
and
WHEREAS,
TheDevelopershallalsoconverttheexisting
office
spacelocatedinthetopfifteen
(15)
floorsoftheBuildinginto,andcommenceoperations
of,
ahoteltherein(suchrehabilitationwork,togetherwithcertainuseandoperationscovenants,the"HotelConversion
Project");
and
WHEREAS,
TheDeveloperandMonroe(the"DeveloperParties")
will
beobligatedtoundertaketheProject
in
accordancewiththePlanandpursuanttothetermsandconditionsofaproposedredevelopmentagreementtobeexecutedbytheDeveloper
and
the
City,
suchworktobefinanced
in
partbyaportionoftheproceedsoftheCityofChicagoGeneralObligationBonds(Central
Loop
RedevelopmentProject)Series20038
(Taxable)
orotherlegallyavailablefundsofthe
City;
and
WHEREAS,
PursuanttoResolution02-CDC-1l8adoptedbytheCommunity
Development
Commission
of
the
City
of
Chicago
(the"Commission")
on
December
10,
2002,
the
Commissionrecommended
that
the
Developer
be

You're Reading a Free Preview

Download
scribd
/*********** DO NOT ALTER ANYTHING BELOW THIS LINE ! ************/ var s_code=s.t();if(s_code)document.write(s_code)//-->