Darien City Council Postpones Vote on Chase Bank Contract

It’s been nine months since Chase Bank signed a letter of intent to purchase land at 75th Street and Cass Avenue from the  for $2 million — and it will be at least another two weeks before the city council votes on a contract.

Several aldermen raised questions during Monday’s about certain stipulations in the contract, prompting Mayor Kathleen Weaver to postpone a scheduled vote. 

The discussion centered on two conditions Chase requested in the agreement. 

Chase called for a drive that runs through the Heritage Plaza parking lot as well as city-owned property at Cass and Plainfield Road, which would include two access points onto Plainfield.

The bank also asked for a clause that prohibited other full-service financial institutions from operating on any of the city-owned parcels of land adjacent to its planned development. 

Most of the negotiations with Chase were about the drives connecting the lot to Plainfield, also known as an easement, said city attorney John Murphey when he presented the contract.

Chase found the property attractive because of the ability for customers to access it from both 75th and Plainfield, he said. It was “critical” to Chase that customers be able to enter from Plainfield and cut across the other two properties to get to the bank, he said.

“The tricky part is we don’t know what the future’s going to bring for that property,” said Murphey, referencing the vacant lot at Plainfield and Cass formerly occupied by a BP gas station.

Alderman Joerg Seifert questioned whether the easement would make it impossible for a business such as a restaurant to develop that land.

If a restaurant seats 50 diners, for example, he said it would require 17 parking spots—more than could fit in the space around the easement. 

“You’ve effectively eliminated huge swaths of businesses that could come in there because they’re not going to be able to meet the city’s parking requirements,” he said. 

There wouldn’t necessarily be two drives, said Weaver, even though there are two in the site plan included in the contract.

Murphey said that though the agreement allows Chase to connect its lot to Plainfield, it does not let the bank control the location of the easement.

“We’ve maintained as much flexibility as possible,” he said.

Aldermen Halil Avci and Sylvia McIvor both questioned the clause that would bar other bar other financial institutions from the neighboring properties.

“Why should Chase have the ability to restrict our use of the rest of the property?” Avci asked.

McIvor said that she felt the phrase “full-service financial institution” was overly broad and could affect services such as independent financial advising. 

Such non-compete clauses are typical in development contracts, Murphey said. It would not bar services such as incidental ATMs in stores.

Over the course of the next two weeks, Murphey said he would review the contract’s language on the easement and the ability of standalone financial services to operate on the adjacent properties. 

Once the city approves a contract, Murphey said Chase has 210 days to finish inspections and obtain necessary permits for developing the land. He said he expects a spring closing date.

The next city council meeting is scheduled for 7:30 p.m. on Nov. 21.