Title
Resolution executing a one year lease extension with renewals for 9,665 square feet of office space for Lake County Workforce Development at an annual cost of $163,980.
Staff Summary
· Lake County Workforce Development has leased 9,665 square feet of office space from the College of Lake County (CLC) at their Waukegan campus since 2004 and the agreement will expire on June 30, 2014.
· Lake County desires to extend its current lease with CLC an additional five years.
· The lease extension is limited to five years and will expire June 30, 2019.
· There is a cost savings of $10,335.96 for the first year; subsequent years are subject to an adjustment based on the U.S. Department of Labor Consumer Price Index.
Body
WHEREAS, Lake County Workforce Development has leased space on the College of Lake County Campus in Waukegan since 2004; and
WHEREAS, the current lease expires June 30, 2014 and includes 9,665 square feet of office space, which represents approximately 29 percent of the area of the building in which they reside; and
WHEREAS, all parties agree it is in the best interest at this time to extend for a period of five years the lease arrangement for Lake County Workforce Development with the College of Lake County; and
WHEREAS, the lease will cost the County $163,980 for the first year, with four annual renewals with an economic adjustment based on the U.S. Department of Labor Consumer Price Index.
NOW, THEREFORE, BE IT RESOLVED, by this County Board of Lake County, Illinois, that the Chairman of the Board is hereby authorized to enter into a five year extension of the current lease for Lake County Workforce Development with the College of Lake County in Waukegan, Illinois in the amount of $163,980 to be charged to various Workforce Development accounts.
DATED, at WAUKEGAN, ILLINOIS, on May 13, 2014.