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PROPOSED LEASE AGREEMENT
Department: Real Estate Management
Request: Approval of a (New) License Agreement
Landlord: County of Cook
Tenant: Chicago SMSA Limited Partnership, d/b/a Verizon Wireless
Location: 69 W. Washington Street, Chicago, Illinois
Term/Extension Period: 1/1/2014 - 12/31/2028
Space Occupied: 100 Square feet
Monthly Rent: $2,500 Monthly ($30,000 Annually) for year one, with a 3% increase each year thereafter
Fiscal Impact: Revenue Generating
Accounts: N/A
Option to Renew: None
Termination: By County under certain conditions
Utilities Included: No, Tenant shall pay $100 per month for utilities in addition to the license fee.
Summary/Notes: Verizon acknowledges that Verizon, as successor licensee has been in possession of approximately 100 square feet of the Premises under a certain Antenna Site license Agreement dated 9/23/1992. Under the new license, Verizon would continue to operate and maintain antennas and related equipment at the Building. Verizon has met the insurance requirements under the License Agreement.
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