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PROPOSED LEASE AGREEMENT
Department: Department of Real Estate Management
Request: To approve a retail lease for tenant Red Mango, a healthy food option
Landlord: County of Cook
Tenant: RM Treats Inc.
Location: 1950 West Polk, Chicago, Illinois 60612
Term/Extension Period: Ten (10) years
Space Occupied: 448 square feet
Monthly Rent:
Lease Year PSF Annual Base Rent Monthly Base Rent
1 $46.00 $20,608.00 $1,717.33
2 $46.92 $21,020.16 $1,751.68
3 $47.86 $21,440.56 $1,7886.71
4 $48.82 $21,869.37 $1,822.45
5 $49.79 $22,306.76 $1,858.90
6 $50.79 $22,752.90 $1,896.07
7 $51.80 $23,207.96 $1,934.00
8 $52.84 $23,672.11 $1,972.68
9 $53.90 $24,145.56 $2,012.13
10 $54.97 $24,628.47 $2,052.37
Fiscal Impact: $225,651.85 Revenue Generating
Accounts:
Option to Renew: Two (2) five (5) year renewal options
Termination: Landlord may terminate Lease at any time, for any reason or no reason, upon six (6) months written notice.
Utilities Included: Yes
Summary/Notes: Approval is recommended.
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