[BVictor1]

Grant Park Advisory Council and Grant Park Conservancy public meeting


Monday, November 12, 2007 - 6:30 p.m.


Daley Bicentennial Plaza - 337 E. Randolph just east of Columbus Drive.

Daley Bicentennial Plaza new park construction and the rebuilding of the East Monroe Street Garage.

We want to hear your ideas and suggestions about what you would like to see created in the new park and get input about garage construction.

In a 99-year concession sale and lease, Morgan Stanley and Laz Parking ( garage operators) have leased four Grant Park garages for $563 million. This is the first such undertaking of a public parking system in the country. One of the garages, the East Monroe Garage, at Daley Bicentennial Plaza, has to be rebuilt in the very near future. Unfortunately, as can be determined so far, the entire park on top of it has to be removed. This means that the greenspace directly east of Millennium Park, from Randolph to Monroe and from the Cancer Survivor's Garden to Columbus Drive has to be removed to rebuild the garage underneath. Should this be done in phases or all at once? We are still trying to determine if any of the many large, beautiful honey locust trees, at the very east and west ends of the property, can be saved.

The positive aspect of rebuilding the underground garage is that it also affords an incredible opportunity to create a whole new, interesting, and world-class park space on the other side of the BP Bridge from Millennium Park. The timing of this opportunity is great in that so many international projects are coming to fruition in and around Grant Park and being financed through public/private partnerships during one of Chicago's greatest renaissances.

The $563 million Grant Park garage concession sale and lease was broken down as follows:

$122 million will go toward Chicago Park District park improvements in many neighborhoods throughout the city.

$35 million will be used to rebuild the Daley Bicentennial Plaza park greenspcae when the East Monroe Garage is rebuilt in the near future. This new garage is estimated to cost over $60 million and will be paid for by the lessee.

$120 million will be reserved to generate income to replace the income lost from the garages when operated by the Chicago Park District.

$278 million will pay off all of the debt associated with all of the public garages.

$8 million was/will be used for fees.

Please come out and give us your input and ideas about what could be built at Daley Bicentennial Plaza over the garage.

Grant Park continues to be Chicago's ever-improving front yard to the world as a downtown, lively outdoor civic center in a botanic garden setting. It is also financing well over $125 million in neighborhood park improvements in many neighborhoods throughout the city and that does not include the millions of dollars in new property tax revenue generated by all of the new residential construction around the park.

Thank you very much for your interest and participation.