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File #: 13-1113    Version: 1
Type: Agenda Item Status: Adopted
File created: 9/25/2013 In control: Procurement Committee
On agenda: 10/3/2013 Final action: 10/3/2013
Title: Authorization to accept initial annual rental bid for Contract 13-362-11 Proposal to Lease for 39-years 9.19+/- acres of District real estate located at 5700 West 41st Street in Forest View, Illinois; Main Channel Parcels 38.12 and 38.13 from Canal Storage, LLC in the amount of $180,000.00
Attachments: 1. 10-03-13_Canal Storage 1336211.pdf
TRANSMITTAL LETTER FOR BOARD MEETING OF OCTOBER 3, 2013
 
COMMITTEE ON PROCUREMENT
 
Mr. David St. Pierre, Executive Director
 
Title
Authorization to accept initial annual rental bid for Contract 13-362-11 Proposal to Lease for 39-years 9.19+/- acres of District real estate located at 5700 West 41st Street in Forest View, Illinois; Main Channel Parcels 38.12 and 38.13 from Canal Storage, LLC in the amount of $180,000.00
Body
 
Dear Sir:
 
At its meeting of June 6, 2013, the Board of Commissioners authorized the Director of Procurement and Materials Management to advertise Contract 13-362-11 Proposal to Lease for 39-years 9.19+/- acres of District real estate located at 5700 West 41st Street in Forest View, Illinois and known as Main Channel Parcels 38.12 and 38.13.  The minimum acceptable annual rental bid was established at $175,000.00.
 
One bid was received for the subject proposal and was opened on July 23, 2013. The bid was received from Canal Storage, LLC for a minimum initial annual rental bid of $180,000.00 (10.29% of the appraised fair market value).  Canal Storage's proposed use of the site under a lease is to operate a marine vessel and construction equipment storage business.
 
The Finance Department has reviewed Canal Storage's financial and company background information and has reported that it demonstrates the ability to meet its financial obligations under the new proposed lease.
 
It is requested that the Executive Director recommend to the Board of Commissioners that it accept the rental bid for Contract 13-362-11 Proposal to Lease for 39-years 9.19+/- acres of District real estate located at 5700 West 41st Street in Forest View, Illinois and known as Main Channel Parcels 38.12 and 38.13 from Canal Storage, LLC in the amount of $180,000.00.
 
It is also requested that the Executive Director recommend to the Board of Commissioners that it authorize and direct the chairman of the Committee on Finance and the Clerk to execute the lease agreement after it has been approved by the General Counsel as to form and legality.
 
Requested, Ronald M. Hill, General Counsel, RMH:SM:rg
Recommended, Darlene LoCascio, Director of Procurement and Materials Management
Recommended, David St. Pierre, Executive Director
Respectfully Submitted, Barbara McGowan, Chairman Committee on Procurement
Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for October 3, 2013
 
Attachment