Board of Commissioners of Cook County - File #: 18-3831

• File #: 18-3831
• Version: 1
• Name: Property Insight
• Type: License Agreement
• Status: Approved
• File created: 5/16/2018
• In control: Board of Commissioners
• On agenda: 10/17/2018
• Final action: 10/17/2018
• Title: PROPOSED LEASE AGREEMENT Department: Department of Real Estate Management Request: Approval of a new License Agreement Landlord: County of Cook Tenant: Property Insight Location: 66 W. Washington Street, 8th Floor Term/Extension Period: 11/1/18-10/31/21 Space Occupied: 805 sq. ft. Monthly Rent: $28 per square foot with a 2.5% escalation rate Period Rate Annual Monthly Year 1 $28.00 $22,540 $1,878.33 Year 2 $28.70 $23,104 $1,925.33 Year 3 $29.42 $23,683 $1,973.58 Fiscal Impact: $22,540 Accounts: Revenue Generating Option to Renew: This License shall be automatically renewed for successive one (1) year periods unless terminated by County or by Licensee by giving written notice to the County no later than sixty (60) days before an anniversary date of the commencement of this License Termination: The County may terminate this License for any reason upon thirty (30) days written notice to the Licensee. Utilities Included: Yes Summary/Notes: ...
• Indexes: (Inactive) JESSICA CAFFREY, Director, Real Estate Management Division

Date	Ver.	Action By	Motion	Result
10/17/2018	1	Board of Commissioners	approve as amended in the errata	Pass

title

PROPOSED LEASE AGREEMENT

Department:  Department of Real Estate Management

Request:  Approval of a new License Agreement

Landlord:  County of Cook  

Tenant:  Property Insight  

Location:  66 W. Washington Street, 8^th Floor 

Term/Extension Period:  11/1/18-10/31/21 

Space Occupied:  805 sq. ft.  

Monthly Rent:  $28 per square foot with a 2.5% escalation rate 

Period                     Rate                     Annual                     Monthly

Year 1                     $28.00                     $22,540                     $1,878.33

Year 2                     $28.70                     $23,104                     $1,925.33

Year 3                     $29.42                     $23,683                     $1,973.58

Fiscal Impact:  $22,540

Accounts:  Revenue Generating

Option to Renew: This License shall be automatically renewed for successive one (1) year periods unless terminated by County or by Licensee by giving written notice to the County no later than sixty (60) days before an anniversary date of the commencement of this License

Termination:  The County may terminate this License for any reason upon thirty (30) days written notice to the Licensee.

Utilities Included:  Yes  

Summary/Notes:  License Agreement between the County of Cook, as Landlord, and Property Insight, a Florida Corporation as Tenant, for use of 805 square feet of space located on the 8^th Floor of the Richard J. Daley Center at 66 West Washington Street, Chicago, Illinois currently occupied by Property Insight. Property Insight currently occupies 723 square feet on the 6^th Floor and 219 square feet on the 12^th Floor and would like to retain the 8^th Floor space only. The purpose of the space is recording and transcribing information from the records of the Cook County Recorder of Deeds related to title business of Licensee.

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