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PROPOSED SUBSTIUTE TO FILE 24-2267
PROPOSED LEASE AGREEMENT
Department: Department of Real Estate Management
Request: Authority to Enter into a Lease Agreement
Landlord: WELBIC III BROADVIEW CERMAK LLC
Tenant: Cook County, for use by the Cook County Department of Public Health
Location: 2101-2171 W. 22nd Street (Cermak Road), Broadview, Illinois
Term/Extension Period: 7/1/2024 - 6/30/2034
Space Occupied: 15,850 Square Feet
Monthly Rent:
Base Rent Expense Pass Total Obligation Net Build- Total Obligation
(Monthly) Throughs (Monthly) Out Costs (Annually)
(Monthly)
Year 1 $14,529.17 $57.25 $14,586.42 $297,952.00 $472,989.04
Year 2 $14,877.27 $196.50 $15,073.77 - $180,885.24
Year 3 $15,237.56 $339.92 $15,577.48 - $186,929.72
Year 4 $15,610.46 $487.58 $16,098.04 - $193,176.52
Year 5 $15,996.41 $639.75 $16,636.16 - $199,633.92
Year 6 $16,395.87 $796.42 $17,192.29 - $206,307.44
Year 7 $16,809.31 $957.83 $17,767.14 - $213,205.72
Year 8 $17,237.22 $1,124.00 $18,361.22 - $220,334.64
Year 9 $17,680.11 $1,295.25 $18,975.36 - $227,704.32
Year 10 $18,138.50 $1,471.58 $19,610.08 - $235,321.00
Additional Rent: Increase in Taxes and Operating Expense above the base year (2024). Above is the schedule of anticipated costs, which will vary based on actual expenses incurred.
Tenant Improvement: Landlord to complete construction in the facility with an estimated cost up to $300,000 which will be paid as additional rent. Of this amount, Landlord will provide a Tenant Improvement Allowance of $50,000.
Fiscal Impact: $2,336,489.00
Accounts: 41220.4895.1055.520835
Option to Renew: Two (2), five (5) year renewal options
Termination: None
Utilities Included: Paid by Tenant
Summary/Notes: Requesting approval to enter into a lease agreement between WELBIC III BROADVIEW CERMAK LLC, a Delaware Limited Liability Company, as (LESSOR) and Cook County, a body corporate and politic (LESSEE), for use by the Cook County Department of Public Health for a Vaccine Redistribution Center to lease approximately 15,850 square feet of warehouse space in the building, located at 2101-2171 W. 22nd Street (Cermak Road), Broadview, Illinois 60155, for the purpose of providing safe storage of necessary supplies and vaccines that can be easily distributed throughout the County as needs arise.
The space is centrally located, providing ease of access to all areas of the County. This warehouse facility will function as a vaccine distribution site and preparedness center for Cook County Department of Health. Personal Protective Equipment (PPE), medical counter measures, and additional support materials will be managed and stored in this facility, which will replace the Oak Forest site scheduled for demolition in the Fall of 2024.
Approval is recommended by the Department of Real Estate Management.
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