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PROPOSED LEASE AGREEMENT
Department: Real Estate Management
Request: Approve a (New) Land Lease Agreement
Landlord: County of Cook
Tenant: Villa Venice Condominium Association
Location: 939 S. 8th Avenue, LaGrange, Illinois
Term/Extension Period: 7/1/2015 - 6/30/2025
Space Occupied: 4,390 Square feet
Monthly Rent: $1,317.00 Annually, Year One, increased annually by 3% per year
Fiscal Impact: Revenue Generating
Accounts: N/A
Option to Renew: N/A
Termination: By County, if needed for road improvement
Utilities Included: N/A
Summary/Notes: Tenant has requested to use certain County owned vacant land in Cook County District #16 located adjacent to the real property owned by the Tenant, commonly known as 939 S. 8th Avenue, LaGrange, Illinois.
The tenant will use and maintain the premises for parking and for no other purpose. Due to the proximity of the land to the adjacent roadway, IDOT and the Cook County Highway Department advise us that the vacant land cannot be sold and is reserved for future road improvements and water retention purposes. All agencies involved concur that the property can be leased.
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