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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 Publi...
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