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PROPOSED LEASE AMENDMENT
Department: Real Estate Management
Request: In conjunction with and conditioned on approval of Item #13-2052, authorization is requested to exercise a five-year option to renew contained in a Land Lease originally approved by the Cook County Board of Commissioners on 9/1/1998. Details are:
Landlord: JAG Partnership
Tenant: County of Cook for use by Adult Probation Department
Location: 1701 West Walnut Street, Chicago, Illinois
Term/Extension Period: 9/1/2014 - 8/31/2019
Termination: By Tenant, with six months prior written notice to Landlord
Space Occupied: 40,875 square feet, paved for use as a parking lot
Monthly Rent: Parking Lease:
Base Rent: Monthly Annually
9/1/2014-8/31/2015 $10,082.50 $120,990.00
9/1/2015-8/31/2016 $10,389.08 $124,668.96
9/1/2016-8/31/2017 $10,695.67 $128,348.04
9/1/2017-8/31/2018 $11,002.17 $132,026.04
9/1/2019-8/31/2019 $11,342.83 $136,113.96
Fiscal Impact: $642,147.00
Accounts: 280-660
Option to Renew: N/A
Termination: By Tenant, with six months prior written notice to Landlord
Utilities Included: N/A
Summary: The Parking Lease provides parking for employees and clients of the Adult Probation Office and Reporting Center. Upon approval, the Director of Real Estate will be authorized to exercise the option to renew by notice in writing to the Landlord. Notice must be given by 3/1/2014.
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