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PROPOSED LEASE AGREEMENT
Department: Department of Real Estate Management
Request: Authority to Enter Into a Lease Agreement
Landlord: Web III Broadview Cermak LLC
Tenant: Cook County
Location: 2101 W. Cermak, Broadview, Illinois
Term/Extension Period: 6/1/2024 - 5/31/2034
Space Occupied: 15,850 Square Feet
Monthly Rent:
6/1/2024 - 7/31/2024 $0.00 per month
8/1/2024 - 5/31/2025 $14,529.17 per month
6/1/2025 - 5/31/2026 $14,877.27 per month
6/1/2026 - 5/31/2027 $15,237.56 per month
6/1/2027 - 5/31/2028 $15,610.46 per month
6/1/2028 - 5/31/2029 $15,996.41 per month
6/1/2029 - 5/31/2030 $16,395.87 per month
6/1/2030 - 5/31/2031 $16,809.31 per month
6/1/2031 - 5/31/2032 $17,237.33 per month
6/1/2032 - 5/31/2033 $17,680.11 per month
6/1/2033 - 5/31/2034 $18,138.50 per month
In addition to the monthly base rent, tenant is responsible for Taxes and Operating expenses above the 2024 base year
Fiscal Impact: $1,921.084.22, and an approximate additional $350,000 estimated for buildout to be paid from an Escrow Account set up by CCH. Note that this cost will be offset by $50,000 in Tenant Improvements provided by the Landlord.
Accounts: 41220.4895.1055.520835
Option to Renew: Two (2), five (5) year renewal options
Termination: None
Utilities Included: None. Tenant pays the pro-rata share of the increase in Operating Expenses above the base year.
Summary/Notes: Requesting authorization to enter into a lease on behalf of the Cook County Department of Public Health for use as a Vaccine Redistribution Center. The space will provide for safe storage of necessary supplies and vaccines that can be easily distributed throughout the County as needs arise. The space is centrally located, providing ease of access to all areas of the County.
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