CHICAGO, USA/PRNewswire/ — The Metropolitan Pier and Exposition Authority announced today that it will lease Navy Pier to a newly formed not-for-profit corporation that will separately govern and manage the Pier and that 13 Chicago civic leaders have agreed to serve on the corporation’s first board of directors.
Creation of the not-for-profit corporation was prescribed by MPEA Trustee Jim Reilly in his report on future Navy Pier governance filed last week with the Governor and the Illinois General Assembly as required by MPEA reform legislation enacted last spring. In reporting his decision, Reilly cited the Urban Land Institute’s recent report on the Pier’s future, which stressed that the historic and popular tourist attraction “needs a champion, a voice speaking and advocating only for Navy Pier.”
Sarah Nava Garvey will serve as Transitional Chair of the new board. Garvey, a retired senior executive for the Boeing Company, is a member of the MPEA Interim Board, chair of the Shedd Aquarium and a member of the Civic Federation Board. Patrick F. Daly will serve as Transitional Co-chair. He is founder and CEO of The Daly Group, a Chicago-based group of real estate development, brokerage and construction management companies. He served on the MPEA Board for 17 years, a period that included the initial renovation of Navy Pier.
In his report, Reilly wrote that the ULI made a compelling case for separating the governance of Navy Pier from that of McCormick Place.
More information here.