Success Story Chicago Park District • Chicago, Illinois

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success story Chicago Park District • Chicago, Illinois

Concession Management In 1996, the Chicago Park District privatized the management, leasing and development of all Chicago Park District lakefront beaches and certain regional parks. After a competitive bid process, the Concession Management agreement was awarded to Urban.

• Concession revenue increased 36% from 1996 to 2003; • Concession sales increased 282% from 1996 to 2003; and • Concession locations increased from 66 in 1996 to 110 in 2003.

Urban aids the development of the lakefront through private investments. Some of the negotiations in which we have been involved include:

• Finalized negotiations with an operator to convert an abandoned city bus turn-around location into The Green at Grant Park, an 18-hole putting course and casual dining restaurant; • Concession permit agreement and development services for a two-story fine dining seafood restaurant at Montrose Harbor. The total project budget is estimated to exceed $7,000,000; and • Finalized negotiations with a restaurateur to build-out the Park Grill, a restaurant, café and retail shop at the new Millennium Park in downtown Chicago. The total project budget was approximately $6,000,000.

Our focus with all of our managed properties is to upgrade the quality of the asset, and the Chicago Park District lakefront concession operators are no exception. At the North Pond in Lincoln Park, we transformed a former ice skating warming station into a fine dining, white tablecloth restaurant. It received a three star review from the Chicago Tribune.

After the renovation of the North Avenue Beach Boathouse was completed in 1999, Urban negotiated permit agreements with three new concessionaires: Castaways restaurant and café; Bike Chicago rentals; and North Avenue Beach News. The results are an increase in concessionaire sales of 347% and the subsequent increase in revenue to the Park District.

Urban also introduced new retail uses that greatly expanded upon the lakefront’s offering in its product, services and entertainment mix:

• Jet ski, canoe, kayak and boat rentals • Sunglass retailer • Balloons, kites and beach toys • Crunch Fitness center and in-line hockey rink • Pedicab transportation services • Skate park refreshments • Children’s carousel ride

The Secret Garden at Berger Park success story Chicago Park District • Chicago, Illinois

Chicago Park District - Revenue Comparison

+2.30% +6.16% +8.43% +4.12%

+17.21% -1.29% -0.5% O LUM E V

1996 1997 1998 1999 2000 2001 2002 2003

Percentage Increase 1996 - 2003: 36%

Chicago Park District - Sales Comparison

+21.00%

+27.29%

+15.38%

+28.30%

+76.54% -7.08% O LUM E V

+27.29%

1996 1997 1998 1999 2000 2001 2002 2003

Percentage Increase 1996 - 2003: 282% success story Chicago Park District • Chicago, Illinois