ORDINANCE NO. 005-93 AN ORDINANCE AUTHORIZING ACQUISITION OF REAL ESTATE AND AUTHORIZING THE NEGOTIATION OF AN AGREEMENT EXCHANGING REAL ESTATE FOR FLOOR AREA RATIO TO SUPPORT RECONSTRUCTION OF THE RAIL STATION AT HOWARD STREET ON THE RED LINE WHEREAS, The Howard Station on the Red Line (“Howard”) was constructed in 1919 and has a weekday entering ridership of over 6,000, and has far exceeded its design life of 25 years; and WHEREAS, The current age, usage, and structural condition of Howard warrants its replacement; and WHEREAS, Howard is a key station identified in the Authority’s Key Station Plan; and WHEREAS, In addition to its primary function as a rail passenger station and bus/rail transfer facility, Howard provides vital workspace for Authority personnel; and WHEREAS, The Authority has undertaken a project to rehabilitate and improve Howard which provides service to the Authority’s Red, Yellow, and Purple rail lines; and WHEREAS, In the course of construction, the Authority will be required to obtain additional property or rights therein, including land at grade level, air rights, development rights, and rights of entry for locations and placement of structures, structural supports, columns, station areas, and related appurtenances; and WHEREAS, Under a previously approved planned development (PD 64) for the Howard Station area, the Authority and Combined Development-Howard LLC (“Combined”) were allotted a certain amount of floor area ratio (“FAR”) to use in its reconstruction project; and WHEREAS, The existing Authority property at Howard Station and its available FAR is inadequate to accommodate the size of the Howard station reconstruction project; and WHEREAS, Acquisition of the parking garage at the site, located at 7519 North Paulina, Chicago, Illinois (“Garage”), and the building located at 7541-7559 North ORDINANCE NO. 005-93 (Continued) -2 Paulina, Chicago, Illinois (“Building E”) by the Authority would facilitate the reconstruction of Howard Station and the Authority’s operations; and WHEREAS, The Garage is one of three (3) parcels in a building that has been vertically subdivided and which building also includes the parcel comprised of commercial retail space along the east side of North Paulina and commonly known as “Building HG Commercial”; and WHEREAS, The owner of the Garage, Combined, is willing to transfer ownership of that portion of the Garage described herein, for a nominal fee; and WHEREAS, Combined has also agreed to transfer to the Authority excess FAR space that it controls so that the Authority can proceed with its reconstruction of the Howard Station; and WHEREAS, The Authority also desires to purchase Building E from Combined, for its use; and WHEREAS, The Metropolitan Transit Authority Act, 79 ILCS 3605/6, permits the Authority to acquire, construct, own, operate, and maintain a public transportation system in said area; now, therefore: BE IT ORDAINED BY THE CHICAGO TRANSIT BOARD OF THE CHICAGO TRANSIT AUTHORITY: SECTION 1. The Chicago Transit Board of the Chicago Transit Authority hereby authorizes the acquisition of the fee simple interest of Building E, property located at: 7541-7559 North Paulina Street Planned Development No. 641 - Building “E” Owner: Combined Development-Howard LLC At a price not to exceed: $ 975,000 SECTION 2. That the Chicago Transit Board of the Chicago Transit Authority hereby authorized the acquisition of the Garage, a 659 space parking garage facility located as a parcel within: 7519 North Paulina Street Planned Development No. 641 – Building ORDINANCE NO. 005-93 (Continued) -3 Owner: Combined Development-Howard LLC Purchase Price: $ 1 (subject to contingent agreement) SECTION 3. Consummation of the above transactions is contingent upon the receipt of 33,000 square feet of Floor Area Ratio (FAR) within the boundaries of Planned Development (PD) No. 641 to be applied to Sub Area “A” within said PD, from Combined Development-Howard LLC, to allow for the construction of the Howard Station within Sub Area A, together with certain other agreements as more particularly described in the Term Sheet attached hereto as Exhibit A, including: (a) the grant to Combined of the exclusive right to use 171 parking spaces in the Garage and for combined to contribute to the cost of maintaining and operating the Garage; and (b) the grant of a non-exclusive easement for the benefit of the Building HG Commercial parcel for the use of the exit ramp of the Garage for vehicular egress and the consent by CTA to Combined’s request that the City of Chicago permit a curb cut along North Paulina to allow access to the building HG Commercial space. SECTION 4. The Chairman or the President or their designee is authorized to prepare a contract to effectuate the acquisition of the subject properties and floor area ratio, substantially in conformance with the Term Sheet attached hereto as Exhibit A. SECTION 5. All relocation expenses, where applicable, will be paid in accordance with the Relocation Payment Process approved by the Chicago Transit Board. SECTION 6. This ordinance shall be in full force and effect after its passage. APPROVED: PASSED: ________________________ ____________________________ Chairman First Assistant Secretary July 13, 2005 July 13, 2005 .