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PROPOSED LICENSE AGREEMENT
Department: Department of Real Estate Management
Request: To approve First Amendment to License Agreement
Licensor: County of Cook
Licensee: Chicago SMSA Limited Partnership, d/b/a Verizon Wireless
Location: 69 W Washington Street, Chicago
Term/Extension Period: Initial term is 5 years beginning on 1/1/2020 with automatic extensions for five (5) additional terms of five (5) years each.
Space Occupied: 100 square feet
Monthly Rent: $2400.00 per month with 3% annual escalations.
Fiscal Impact: $1,370,171.97 Revenue Generating over entire term
Accounts: NA
Option to Renew: NA
Termination: Cook County may terminate for any reason upon ninety (90) days written notice. Verizon shall have the right to terminate upon the annual anniversary of the Commencement Date with ninety (90) day prior written notice but will guarantee license fee for a period of five (5) years.
Utilities Included: NA
Summary/Notes: Approval is recommended.
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