TRANSMITTAL LETTER FOR BOARD MEETING OF JUNE 15, 2023
COMMITTEE ON PROCUREMENT
Mr. Brian A. Perkovich, Executive Director
Title
Authorization to accept initial annual rental bid for Contract 23-360-11 Proposal to Lease 6,123± square feet of District real estate located along the North Branch of the Chicago River adjacent to 4030 North Rockwell Street in Chicago, Illinois, known as North Shore Channel Parcel 10.05, for a ten (10) year term from Albany, Inc., in the amount of $11,500.00
Body
Dear Sir:
At its meeting of January 19, 2023, the Board of Commissioners authorized the Director of Procurement and Materials Management to advertise Contract 23-360-11 Proposal to Lease 6,123± square feet of District real estate located along the North Branch of the Chicago River adjacent to 4030 North Rockwell Street in Chicago, Illinois, known as North Shore Channel Parcel 10.05, for a ten (10) year term. The minimum acceptable annual rental bid was established at $11,500.00 (10% of the appraised fair market value).
At the March 7, 2023 bid opening, the sole bid was received from Albany, Inc. for a minimum initial annual rental bid of $11,500.00.
Albany, Inc. has occupied this site since 2004 for seasonal dock rental of boats and related uses. The current lease commenced May 1, 2014, and expires April 30, 2024. Albany proposes to continue using the site for the same purpose. The Alderman of the 47th Ward of the City of Chicago supports the proposed lease.
The Finance Department has reviewed Albany, 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 23-360-11 Proposal to Lease 6,123± square feet of District real estate located along the North Branch of the Chicago River adjacent to 4030 North Rockwell Street in Chicago, Illinois, known as North Shore Channel Parcel 10.05, for a ten (10) year term from Albany, Inc., in the amount of $11,500.00.
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:NOC
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 June 15, 2023
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