TRANSMITTAL LETTER FOR BOARD MEETING OF DECEMBER 1, 2022
COMMITTEE ON PROCUREMENT
Mr. Brian A. Perkovich, Executive Director
Title
Authorization to accept initial annual rental bid for Contract 22-361-12 (Re-Bid) Proposal to Lease for 10-years 4,397± square feet of District real estate located at Irving Park Road and Longmeadow Lane in Hanover Park, Illinois, from U.S. Bank National Association, in the amount of $4,800.00
Body
Dear Sir:
At its meeting of September 15, 2022, the Board of Commissioners authorized the Director of Procurement and Materials Management to advertise a contract proposal to lease for 10-years 4,397± square feet of District real estate located at Irving Park Road and Longmeadow Lane in Hanover Park, Illinois. The minimum acceptable annual rental bid was established at $4,800.00.
At the November 22, 2022, bid opening, the sole bid was received from U.S. Bank National Association (“U.S. Bank”) for a minimum initial annual rental bid of $4,800.00 (10% of the appraised fair market value).
U.S. Bank and its predecessors have occupied this site since 1987 for use as a drive-thru teller lane for its adjacent full-service branch office. The current lease commenced December 1, 2012, and expires November 30, 2022. The Village of Hanover Park has provided a letter of support for the new lease to U.S. Bank.
The Finance Department has reviewed U.S. Bank's financial and company background information and has reported that it has demonstrated the ability to meet its financial obligations under the proposed lease.
It is requested that the Executive Director recommend to the Board of Commissioners that it accept the initial annual rental bid for Contract 22-361-12 (Re-Bid) Proposal to Lease for 10-years 4,397± square feet of District real estate located at Irving Park Road and Longmeadow Lane in Hanover Park, Illinois, from U.S. Bank National Association, in the amount of $4,800.00.
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 said lease agreement after it is approved by the General Counsel as to form and legality.
Requested, Susan T. Morakalis, General Counsel, STM:MTC:NOC:vp
Recommended, Darlene A. LoCascio, Director of Procurement and Materials Management
Respectfully Submitted, Barbara J. 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 December 1, 2022
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