Land used to create the Near South Side's newest park would be officially transferred from the City to the Chicago Park District under an ordinance presented to City Council today by Mayor Richard M. Daley.

The land, on the 2400 blocks of south Dearborn and Federal streets, was vacant and underutilized prior to Park 540's construction last year. Both the City and the Park District had agreed the land transfer, including a vacated section of Federal Street, would take place once the park was completed.

"Thanks to the cooperation of the City and the Park District, the Near South Side has a wonderful new park that will attract residents and visitors from throughout the community," Mayor Daley said.
 
Bounded by Clark Street, 24th Street, Dearborn Street and the Stevenson Expressway, the 4.7-acre park includes a ball field, man-made hills, native plantings, walking paths, seating, drinking fountains and a playground.

Park 540's $1.98 million development cost was partly paid for with a grant from the Illinois Department of Natural resources.