TRANSMITTAL LETTER FOR BOARD MEETING OF OCTOBER 5, 2023
COMMITTEE ON PROCUREMENT
Mr. Brian A. Perkovich, Executive Director
Title
Authorization to accept initial annual rental bid for Contract 23-365-11 Proposal to Lease 25.86± acres of District real estate located at 6800 Canal Bank Road in Forest View, Illinois, known as Main Channel Parcel 37.05, for a 39-year term from Prime Master Xpress, Inc. in the amount of $660,000.00
Body
Dear Sir:
At its meeting of August 10, 2023, the Board of Commissioners authorized the Director of Procurement and Materials Management to advertise Contract 23-365-11 Proposal to Lease 25.86± acres of District real estate located at 6800 Canal Bank Road in Forest View, Illinois, known as Main Channel Parcel 37.05, for a 39-year term. The minimum acceptable annual rental bid was established at $660,000.00 (10% of the appraised fair market value).
At the September 12, 2023 bid opening, the sole bid was received from Prime Master Xpress, Inc. with an initial annual rental bid of $660,000.00 (10% of the appraised fair market value.) Main Channel Parcel 37.05 is currently vacant. Prime Master Xpress, Inc. plans to use the site for truck and trailer parking. Initial site improvements will be limited to site grading and leveling, along with appropriate fencing and lighting. The Village of Forest View supports the commercial leasing of this site, and the tenant will be required to obtain all local permits and approvals.
The Finance Department has reviewed Prime Master Xpress, Inc.’s financial and company background information and has reported that it demonstrates 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 23-365-11 Proposal to Lease 25.86± acres of District real estate located at 6800 Canal Bank Road in Forest View, Illinois, known as Main Channel Parcel 37.05, for a 39-year term from Prime Master Xpress, Inc. in the amount of $660,000.00.
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, Susan T. Morakalis, General Counsel, STM:BJD:vp
Recommended, Darlene A. LoCascio, Director of Procurement and Materials Management
Respectfully Submitted, Marcelino Garcia, 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 5, 2023
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