Share to Facebook Share to Twitter Bookmark and Share
File #: 19-3747    Version: 1 Name: RM Treats Inc. 1950 West Polk, Chicago, Illinois 60612
Type: Lease Agreement Status: Approved
File created: 5/22/2019 In control: Board of Commissioners
On agenda: 6/6/2019 Final action: 6/6/2019
Title: 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|109|$46.00 $20,608.00 $1,717.33|109|$46.92 $21,020.16 $1,751.68|109|$47.86 $21,440.56 $1,7886.71|109|$48.82 $21,869.37 $1,822.45|109|$49.79 $22,306.76 $1,858.90|109|$50.79 $22,752.90 $1,896.07|109|$51.80 $23,207.96 $1,934.00|109|$52.84 $23,672.11 $1,972.68|10 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. Utilit...
Indexes: JESSICA CAFFREY, Director, Real Estate Management Division

title

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.

end