Title
Joint resolution recommending a fee increase from $0.22 per square foot to $0.44 per square foot for the license/lease agreements on the former Chicago, North Shore and Milwaukee Railroad right of way for businesses or private parties.
Staff Summary
* Chicago, North Shore and Milwaukee Railroad Right of Way License/Lease Agreement Fee Increase Recommendation.
* Lake County purchased the former Chicago, North Shore and Milwaukee Railroad right of way in 1966.
* There are currently 29 active license/lease agreements approved for use.
* 12 of those agreements are for businesses or private parties that use the right of way for parking or private use and the established fee is collected.
* The remaining 17 are agreements with municipalities or government agencies that use the right of way for public benefit; there is not a fee charged for public use.
* The original license/lease fee established in 1966 was $0.08 per square foot, with an increase to $0.22 per square foot in 1988.
* A review has been completed by consulting a licensed real estate appraiser, and the recommended adjustment in the fee is based on the Consumer Price Index for All Urban Consumers (CPI-U) from 1988 to 2015.
* This resolution recommends an increase from $0.22 per square foot to $0.44 per square foot effective January 2016.
Body
RESOLUTION
WHEREAS, Lake County purchased the former Chicago, North Shore and Milwaukee Railroad Right-of-Way in 1966; and
WHEREAS, there are currently 29 active license/lease agreements approved for use, of which 12 are for businesses or private parties that use the right-of-way for parking or private use and are charged a license/lease fee, and the remaining 17 are municipalities or government agencies that use the right-of-way for public benefit; and
WHEREAS, the original license/lease fee established in 1966 was $0.08 per square foot, with an increase to $0.22 per square foot in 1988; and
WHEREAS, a review has been completed b...
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