File #: 24-4467    Version: 1 Name: Bass Furniture Text Amendment
Type: Amendment to a Previously Approved Item Status: Approved
File created: 8/7/2024 In control: Asset Management Committee
On agenda: 9/19/2024 Final action: 10/24/2024
Title: PROPOSED PREVIOUSLY APPROVED ITEM AMENDMENT Department: Department of Real Estate Management Request: Request to Amend Fiscal Impact to Include ARPA-Funded Tenant Improvements Item Number: 24-1923 Fiscal Impact: $418,000.00 Account(s): 11286.1260.62742.550130.00000.00000 (ARPA) Original Text of Item: PROPOSED LEASE AGREEMENT Department: Department of Real Estate Management Request: Requesting approval to enter into a lease agreement. Landlord: Bass Furniture and Rug Co., Inc. Tenant: Cook County, for use by the Public Defender's Office Location: 11431 S. Michigan Avenue, Chicago, Illinois 60628 Term/Extension Period: 5/1/2024 - 12/31/2026 Space Occupied: 1,502 sqf Monthly Rent: 6/1/2024 - 3/31/2025 $20,000.00; 4/1/2025 - 3/31/2026 $24,360.00; 4/1/2026 - 12/31/2026 $24,730.80 Fiscal Impact: Rent $69,090.80 $60,847.20 (Non-revenue generating), $418,000.00 in tenant improvements Accounts: 11286.1260.62742.550130.00000.00000 ARPA Option to Renew...
Indexes: JAMES ESSEX, Acting Director, Real Estate Management

title

PROPOSED PREVIOUSLY APPROVED ITEM AMENDMENT

 

Department:  Department of Real Estate Management 

 

Request:  Request to Amend Fiscal Impact to Include ARPA-Funded Tenant Improvements 

 

Item Number:  24-1923

 

Fiscal Impact:  $418,000.00

 

Account(s):  11286.1260.62742.550130.00000.00000  (ARPA)

 

Original Text of Item:  PROPOSED LEASE AGREEMENT

 

Department:  Department of Real Estate Management

 

Request:  Requesting approval to enter into a lease agreement.

 

Landlord:  Bass Furniture and Rug Co., Inc.

 

Tenant:  Cook County, for use by the Public Defender’s Office

 

Location:  11431 S. Michigan Avenue, Chicago, Illinois 60628

 

Term/Extension Period:  5/1/2024 - 12/31/2026

 

Space Occupied:  1,502 sqf

 

Monthly Rent:  6/1/2024 - 3/31/2025 $20,000.00; 4/1/2025 - 3/31/2026 $24,360.00; 4/1/2026 - 12/31/2026 $24,730.80

 

Fiscal Impact:  Rent $69,090.80 $60,847.20 (Non-revenue generating), $418,000.00 in tenant improvements

 

Accounts:  11286.1260.62742.550130.00000.00000   ARPA

 

Option to Renew:  Option to renew for three (3) consecutive three (3) year terms.

 

Termination:  N/A

 

Utilities Included:  No  $69,090.80 (Non-revenue generating)

 

Summary/Notes:  The Freedom Defense Center of Roseland will foster accountability and trust between the Public Defender’s Office and the community it serves.  The center is rooted in partnering and standing with the Roseland community, to reduce the impact of the carceral system and to fight for justice.  It works to change the narrative around harm and safety, by honoring community members’ experiences and prioritizing autonomy.

 

Tenant Improvements:  $478,847.20 of ARPA funds have been allocated for this lease and its associated tenant improvements (Construction:  $418,000.00 and Rent:  $60,847.20).

 

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