Title
Resolution authorizing a one year lease extension for 4,140 square feet of office space for the Regional Office of Education for a total annual cost of $75,794.40.
Staff Summary
· The Regional Office of Education has leased office space from the CLC since 1999 and the agreement is set to expire on October 31, 2012.
· Lake County desires to enter into a one year lease extension to its current four year lease on 4,140 square feet of office space with the College of Lake County (CLC).
· The office space is located on CLC campus in Grayslake.
· The lease extension is limited to one year, with month to month renewals due to the uncertainty of the space availability in conjunction with the proposed CLC Master Expansion Capital Plan.
· The one year extension is a two percent increase, which is consistent with the historical annual increases for this leased space and the total cost of the lease will $75,794.40, plus 16% of the utility bills.
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 one-year the 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, 2012. The lease covers a rentable square footage of 4,140 square feet which represents approximately 16% of the area of the building in which they reside; and
WHEREAS, the lease will cost the County $75,794.40 for the additional year, plus 16% 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 one-year extension of the current lease for the Regional Office of Education with the College of Lake County in Waukegan, Illinois in the amount of $75,794.40 to be charged to account 101-1220010-72510-053...
Click here for full text