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File #: 16-4139    Version: 1 Name: Third Amend to Land Lease Amerco
Type: Lease Agreement Amendment Status: Approved
File created: 6/27/2016 In control: Board of Commissioners
On agenda: 7/13/2016 Final action: 7/13/2016
Title: PROPOSED LEASE AMENDMENT Department: Department of Real Estate Management Request: Approval of a Third Amendment to Land Lease Landlord: County of Cook Tenant: Amerco Real Estate Company, Phoenix, Arizona Location: Adjacent to 801 S. Harlem, Forest Park, Illinois Term/Extension Period: 9/1/2016 - 8/31/2021 Space Occupied: 6,846 Square feet Monthly Rent: $776.60 per month /$9,319.20 annually (First Year) Escalation: 3% per year (years 2-5) Fiscal Impact: Revenue Generating Accounts: N/A Option to Renew: N/A Termination: By Tenant with ninety-day notice, By County with thirty-day notice Utilities Included: No Summary: The Tenant will continue to maintain and utilize the premises for parking and for no other purpose. Due to the proximity of the land to two arterial roadways, the vacant land cannot be sold and is reserved for future road improvements. The tenant has met Cook County insurance requirements
Indexes: JESSICA CAFFREY, Director, Real Estate Management Division

title

PROPOSED LEASE AMENDMENT

 

Department:  Department of Real Estate Management

 

Request:  Approval of a Third Amendment to Land Lease 

 

Landlord:  County of Cook

 

Tenant:  Amerco Real Estate Company, Phoenix, Arizona

 

Location:  Adjacent to 801 S. Harlem, Forest Park, Illinois

 

Term/Extension Period:  9/1/2016 - 8/31/2021

 

Space Occupied:  6,846 Square feet

 

Monthly Rent: 

$776.60 per month /$9,319.20 annually (First Year)

Escalation: 3% per year (years 2-5)

 

Fiscal Impact:  Revenue Generating

 

Accounts:  N/A

 

Option to Renew:  N/A

 

Termination:  By Tenant with ninety-day notice, By County with thirty-day notice

 

Utilities Included:  No

 

Summary:    The Tenant will continue to maintain and utilize the premises for parking and for no other purpose. Due to the proximity of the land to two arterial roadways, the vacant land cannot be sold and is reserved for future road improvements.

 

The tenant has met Cook County insurance requirements

end