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PROPOSED LEASE AGREEMENT
Department: Cook County Health & Hospitals System (CCHHS)
Request: Approve
Landlord: Illinois Medical District Commission (IMDC)
Tenant: County of Cook through its Cook County Health & Hospitals System
Location: IMD property bounded by 13th Street on the north, Hastings Street on the south, a parking lot on the east and Leavitt Street on the west, commonly referred to as Block 113 of IMDC Development Area in Chicago, Illinois.
Term/Extension Period: 10/1/2015 - 9/30/2017
Space Occupied: 2.25 acres
Monthly Rent: $4,500.00 per month
Fiscal Impact: $108,000.00
Accounts: 8970392 540310
Option to Renew: The lease contains two additional two-year renewal options. The first renewal, if the option is exercised, will be at a rate of $4,950.00 per month. The second renewal, if the option is exercised, will be at a rate of $5,445.00.
Termination: This agreement may be terminated prior to the end date of the lease by the landlord upon 60 days written notice.
Utilities Included: No. CCHHS shall be responsible for any and all utilities on the premises.
Summary/Notes: CCHHS respectfully requests approval of a proposed Parking Lease Agreement between the Illinois Medical District Commission (IMDC) and the County of Cook through its Cook County Health and Hospitals System (CCHHS), for the temporary use of IMDC property for additional parking for CCHHS staff.
This lease relates to ongoing CCHHS parking initiatives being undertaken in FY 2015, to eliminate patient/visitor turn-away issues that the Stroger Hospital campus has experienced for many years. The proposed lease time horizon should coincide with the planned timing of the campus redevelopment plans that are underway.
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