TRANSMITTAL LETTER FOR BOARD MEETING OF APRIL 7, 2016
COMMITTEE ON REAL ESTATE
Mr. David St. Pierre, Executive Director
Title
Issue orders consenting to an assignment of Lease Agreement dated October 18, 2012, between the District and Citizens Bank, N.A. (f/k/a RBS Citizens, N.A.) on approximately 4,397 square feet of District real estate located at Irving Park Road and Long Meadow Lane in Hanover Park, Illinois, to U.S. Bank National Association. Consideration shall be a $5,000.00 document preparation fee (Deferred from the March 17, 2016 Board Meeting)
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Dear Sir:
Citizens Bank, N.A. (f/k/a RBS Citizens, N.A.) leases approximately 4,397 square feet of District real estate under a lease that commenced December 1, 2012, and expires November 30, 2022. The property is located at Irving Park Road and Long Meadow Lane in Hanover Park, Illinois. The current annual rent under the lease is $4,100.40. Citizens Bank, N.A. uses the parcel for a drive-through teller lane for its adjacent full-service branch office.
Citizens Bank, N.A. has requested the District’s consent to assign its lease to U.S. Bank National Association (“U.S. Bank”). U.S. Bank intends to use the parcel for the same purpose as Citizens Bank, N.A.
The District's Finance Department has reviewed U.S. Bank’s financial and company background information and reports that U.S. Bank has the financial resources to meet the annual rent obligation under the lease.
It is requested that the Executive Director recommend to the Board of Commissioners that it consent to an assignment of Lease Agreement dated October 18, 2012, between the District and Citizens Bank, N.A. (f/k/a RBS Citizens, N.A.) on approximately 4,397 square feet of District real estate located at Irving Park Road and Long Meadow Lane in Hanover Park, Illinois, to U.S. Bank National Association. Consideration shall be a $5,000.00 document preparation fee.
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 Consent to Assignment of Lease after it is approved by the General Counsel as to form and legality.
Requested, Ronald M. Hill, General Counsel, RMH:SM:BJD:vp
Recommended, David St. Pierre, Executive Director
Respectfully Submitted, Mariyana T. Spyropoulos, Chairman Committee on Real Estate Development
Disposition of the is agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for April 7, 2016
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