1956 NU Lease

On March 30, 1956 NU entered into a lease agreement with General Finance Corporation for a period of 50 years, at $100 per year, and additional taxes, water rates, special assessments etc. for

"That part of the West half of Lot nineteen (19) in George Smith's subdivision of the Southern portion of Ouilmette Reserve in Township forty-two (42) North, Range Thirteen (13), East of the Third Principal meridian, described as follows:

"Commencing at a point which is one hundred-fifty (150') feet North of the North line of Central Street and on a line parallel to, and one hundred forty-three (143') feet West of, the East line of the West half of Lot Nineteen (19) aforesaid, thence easterly parallel to the South line of Lot Nineteen(19) aforesaid to a point seventy-five (75) feet West of the East line of the West half of Lot Nineteen (19) aforesaid, thence northerly parallel to the East line of the West Half of Lot Nineteen (19) aforesaid one hundred seventy-six feet (176), thence westerly along a line parallel to the South line of Lot Nineteen (19) aforesaid sixty-eight (68) feet, thence southerly to the point of beginning."

The January 6, 1976 Interdepartmental Memorandum mentions that the City discovered the fifty-year lease during a review of the file on the U2 property. In view that it might be in violation of the Zoning Ordinance, the lease agreement was being reviewed by the Corporation Counsel.

No further information is available at this time.

• 1975- January 1976 Docs

Below is p.2 of the memo where the lease is mentioned