Renewal entered into with:
Lessor: Urban Equity Properties LLC
Amount: An estimated $293,000
Renewal: 2nd of 2, 9/30/2016 through 6/30/2019
Yes, the contract provided a .16 increase per square foot for the second renewal period.
Potential Future Renewals:
Comments: In accordance with 30ILCS500/40-25(b), Northern Illinois University wishes to execute the option to renew its lease at 319 W. State St., Rockford, IL 61101, which was procured by RFI BJM032210. The option to renew is for the second option period of a three (3) year term. The rental rate is $8.16 per square foot. The lease rate is a gross amount.
Lease was awarded to Urban Equity Properties LLC. Award was published April 30, 2010. Lease term began on July 1, 2010; was extended on February 15, 2013 until June 30, 2016; was extended via emergency purchase until September 29, 2016; and will be extended until June 30, 2019 pursuant to the most recent renewal. The lease includes two (2), three (3) year renewal options.
The buyer for this procurement is now Kent Clapsaddle, (815) 753-6107.
The State Purchasing Officer for this procurement is now Pamela Amoako.
The University award process may be delayed up to thirty days as this award goes through a state approval process.