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PROPOSED INTERGOVERNMENTAL AGREEMENT (REAL ESTATE)
Department: Cook County Department of Real Estate Management
Landlord: County of Cook
Tenant: State of Illinois Department of Central Management Services
Request: Request to Enter into Intergovernmental Agreement
Location: 2245 West Ogden, Partial Fifth Floor, Chicago, Illinois
Agreement Period: 6/1/2022 - 5/31/2027
Termination: Either Party may terminate this Lease, effective on the last day of any calendar month, by giving one hundred eighty days (180) prior written notice to the other Party. However, tenant shall not be entitled to terminate, unless Tenant provides a payment of the unamortized balance of the Tenant Alteration Allowance together with any notice or request to terminate the agreement.
Space Occupied: 3,428 Sq. Ft.
Fiscal Impact: Revenue Generating
Accounts: N/A
Summary: Requesting approval of an Intergovernmental Agreement between the County of Cook, a body politic and corporate as Landlord, and, State of Illinois Department of Central Management Services, establishing a five (5) year term for 3,428 square feet of office space representing a portion of the fifth floor of the Juvenile West Detention Center at 2245 West Ogden Street, Chicago, Illinois. (The agency currently occupies space on the third floor of the facility) This is a new agreement that will expand the total area occupied by the State of Illinois Department of Central Management Services and will require desired alterations for the department.
Landlord shall make planned improvements to the Premises, estimated at $400,000, which Landlord shall pay up front and Tenant shall pay monthly as additional rent fully amortized at 6.5% interest over the initial 5-year lease term.
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