NOTICE OF LEASE EXTENSION/RENEWAL
VENDOR SELECTED FOR AWARD
Name: Madison
Taylor Holding Company, LLC
Address:
Phone: 217/585-0318
Vendor Contact Person: Gary
Robbins
NATURE OF LEASE
Lease Number: A95-1-0011
Description of Lease: 36,631 Square Feet
Location:
Description of Use: Office Space
Length of Term: 11/1/08 – 10/31/13 with option for 5 year renewal
Parking Spaces Included:
Extension/Renewal of Lease: The current lease expires 12/31/09. The property is in the process of being sold to a new Vendor and it is anticipated the amendment would be entered into with the new owner, as reflected above. The amendment: (1) extends the lease period to 10/31/13; (2) reduces the square foot rate from $15.28 currently to $13.83 effective 11/1/08; (3) provides for an addition of 9,953 square feet and other improvements to the current space. An optional 60 month renewal at the end of the extended lease period is provided at the then current rate of $14.68 per square foot. After the first five years, lessee may exercise an early out provision with 365 days notice.
Actual Cost: Total rental for current space and addition over the initial five year period 11/1/08 – 10/31/13 is $2,610,325.06.
SOURCE
SELECTION
The Chief Procurement Officer has determined that remaining at our current headquarters location is in the best interest of the State. In exchange for a lease extension, Vendor agreed to reduce the rental rate from $15.28 per square foot to $13.83 per square foot effective 11/1/08 and to provide additional square footage of 9,953 square feet and make specified building improvements. Following the initial five year period, Lessee has an early termination option with 365 days notice to Lessor. Renewal/extension exercised pursuant to 44 Ill.Adm.Code 500.1010 (e).
OAG CONTACT PERSON
Chief Procurement Officer: Roberta Pape
Address: 740
E. Ash,
Phone: 217/782-9305
Additional information, including copies of forms and
disclosures, are on file at the OAG's