Proposed Lease Amendment Department: Department Of Real Estate Management Request: Execute Amendment No. 1 To Lease Agreement Landlord: County Of Cook, A Body Politic And Corporate Tenant: Village Of Rosemont, A Body Politic And Corporate Location: 5800 N

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Proposed Lease Amendmentdepartment: Department Of Real Estate Managementrequest: Execute Amendment No. 1 To Lease Agreement Landlord: County Of Cook, A Body Politic And Corporate Tenant: Village Of Rosemont, A Body Politic And Corporate Location: 5800 N River Rd, Rosemont, Il 60018Term/Extension Period: Cook County And The Village Of Rosemont Entered Into A 99 Year Lease Agreement Dated As Of December 1, 1987 (The "Original Lease"), Demising The Premises Located Just South Of The Northwest Tollway On The West Side Of River Road Which Is A Portion Of Certain Property Owned By Cook County And Located In The Fredrick H. Bartlett's Riverview Estates, Being A Subdivision Of Part Of The Southwest 1/4 Of Section 3, Township 40 North, Range 12 East Of The Third Principal Meridian, All As More Particularly Described In The Original Lease And Hereinafter Called ("The Property"). The Original Lease Allows The Village Of Rosemont To Use The Property For A Fire Station. The Original Lease Terminates In 2086. Amendment No. 1 Allows The Village Of Rosemont To Sublet For A Period Not To Exceed Thirty (30) Years Any Part Of The Property For Any Legal And Lawful Use In Addition To The Village Of Rosemont's Use Of The Property For A Fire Station. Space Occupied: Na Monthly Rent: Nafiscal Impact: Revenue Generatingaccounts: Na Option To Renew: Na Termination: Na Utilities Included: Na Summary: Amends Article Ix Of The Original Lease To Allow The Village Of Rosemont To Have The Sole And Exclusive Right To Sublet For A Period Not To Exceed Thirty (30) Years Any Part Of The Property In The Original Lease For Any Legal And Lawful Use In Addition To Village Of Rosemont's Use Of The Property For A Fire Station. In The Event Village Of Rosemont Sublets Any Part Of The Property, Subject To The Approval Of The Cook County Real Estate Director And Receives Rental Income From A Sublessee, The Rental Income Received Minus The Village Of R.

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AI Summary: The proposed lease amendment concerns a property located in Rosemont, Illinois, where the County of Cook leases land to the Village of Rosemont for a fire station. The original lease was signed in 1987 and is set to terminate in 2086. The proposed Amendment No. 1 allows the Village of Rosemont to sublet any part of the property for up to thirty years for lawful purposes, in addition to its own use as a fire station. The amendment grants exclusive subletting rights to the Village of Rosemont, subject to approval by the Cook County Real Estate Director. Any rental income generated from subleasing must be shared according to specified terms outlined in the amendment.

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  • 6/13/2024 : Board Of Commissioners