Title
Resolution authorizing the execution of a five year lease extension for 4,140 square feet of office space for the Regional Office of Education at a total annual cost of $89,925.24 for the first year.
Staff Summary
* The Regional Office of Education has leased 4,140 square feet of office space from the CLC at their Grayslake campus since 1999 and the agreement is set to expire on October 31, 2014.
* Lake County desires to enter into a five year lease extension to its current lease on 4,140 square feet of office space with the College of Lake County (CLC).
* The lease covers a rentable square footage of 4,140 feet for $6,571.38 a month plus 16 percent of the utility bills.
* The lease extension provides for a two percent increase in rent annually and an annual cost for custodial services for the 16 percent of space occupied.
* Annual rent for the space for the initial year is $78,856.44 and $11,068.80 in annual cost for custodial services for a total first year cost of $89,925.24.
Body
WHEREAS, the Regional Office of Education has leased space on the College of Lake County Campus in Grayslake since 1999; and
WHEREAS, all parties agree it is in the best interest at this time to extend for a period of five year lease arrangement for the Regional Office of Education to continue to lease their space with the College of Lake County; and
WHEREAS, the current lease expires October 31, 2014. The lease covers a rentable square footage of 4,140 square feet, which represents approximately a 16 percent area of the building in which they reside; and
WHEREAS, the lease will cost the County $89,925.24 for the initial year plus 16 percent of the utility bills.
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 the Regional Office of Education with the College of Lake County in Waukegan, Illinois in the amoun...
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