File #: 21-1488    Version: 1
Type: Ordinance Status: Passed
File created: 11/8/2021 In control: City Council
On agenda: 11/16/2021 Final action: 11/16/2021
Title: Pass the ordinance approving an agreement to release a covenant and to impose a replacement covenant on the subject property located at 1720 Quincy Avenue
Attachments: 1. Quincy Ordinance 2021, 2. Quincy Release of Covenant & New Covenant_SIGNED, 3. Covenant (R2016-108072)
CITY COUNCIL AGENDA ITEM

ACTION REQUESTED:
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Pass the ordinance approving an agreement to release a covenant and to impose a replacement covenant on the subject property located at 1720 Quincy Avenue
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DEPARTMENT: Transportation, Engineering and Development

SUBMITTED BY: Pat Lord, Senior Assistant City Attorney and Erin Venard, DRT Project Manager

BOARD/COMMISSION REVIEW:
Not Required

BACKGROUND:
The subject property is located on the south side of Quincy Avenue, approximately 0.25 miles west of Ogden Avenue and has a common address of 1720 Quincy Avenue. The approximate five-acre parcel is zoned I (Industrial District) and is currently vacant.

In 2016, the subject property was sold by the City as surplus property to the petitioner, Roy Spencer of Perma-Seal. The petitioner indicated that the subject property would become the new corporate headquarters for Perma-Seal Basement Systems. A 60,000 square foot office/warehouse would be constructed on the property and 180 employees working at the Downers Grove facility would be relocated to the new facility on the subject property. Within the next five years, 60-80 additional employees would be hired.

On October 4, 2016, in conjunction with a requested assignment of the right to purchase the subject property from Roy Spencer to 1720 Quincy Property, LLC, an "Assignment and Covenant Agreement" ("Covenant Agreement") was recorded with the DuPage County Recorder against the subject property (as Document No. R2016-108072).

Recital E of the Covenant Agreement included the following language limiting use of the subject property to the uses originally proposed by the petitioner:

"1720 Quincy Property, LLC and any successor, transferee or assignee of 1720 Quincy Property, LLC are bound by the Quincy Property Terms and Conditions of Acquisition" (as "Quincy Property Terms and Conditions of Acquisition".

On September 30, 2016 the City conveyed the subject property to 1720 Quincy Property, LLC for $770...

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