TRANSMITTAL LETTER FOR BOARD MEETING OF SEPTEMBER 7, 2023
COMMITTEE ON REAL ESTATE
Mr. Brian A. Perkovich, Executive Director
Title
Authority to amend Lease Agreement dated September 15, 2016, with the Village of Willow Springs on 2.13± acres of District real estate located west of Willow Springs Road and south of the Main Channel in Willow Springs, Illinois, known as Main Channel Parcel 29.04, to extend the term by an additional thirty (30) years. Consideration shall be an initial annual rental fee of $20,000.00
Body
Dear Sir:
The Village of Willow Springs (“Willow Springs”) has leased Main Channel Parcel 29.04 since 1989 for use as a Metra commuter parking lot. The current lease commenced September 15, 2016, and expires September 14, 2026. Willow Springs currently pays $14,616.69 in annual rent.
Willow Springs has requested to amend the Lease Agreement to extend the term by an additional thirty (30) years for the same purpose, with a new termination date of September 14, 2056. Willow Springs has a long-term need for commuter parking at this location. The initial annual rental fee under the amended lease will be $20,000.00, which represents 10% of the fair market value.
The District’s technical departments have reviewed this lease amendment request and have no objections thereto.
It is requested that the Executive Director recommend to the Board of Commissioners that it authorize an amendment to the Lease Agreement dated September 15, 2016, with the Village of Willow Springs on 2.13± acres of District real estate located west of Willow Springs Road and south of the Main Channel in Willow Springs, Illinois, known as Main Channel Parcel 29.04, to extend the term by an additional thirty (30) years. Consideration shall be an initial annual rental fee of $20,000.00.
It is further 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 Amendment to Lease Agreement after it is approved by the General Counsel as to form and legality.
Requested, Susan T. Morakalis, General Counsel, STM:BJD:NOC
Recommended, Brian A. Perkovich, Executive Director
Disposition of this agenda item will be documented in the official Regular Board Meeting Minutes of the Board of Commissioners for September 7, 2023
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