Awarded to:Vendor: Vermillion Enterprises, LLC/Provident Resource Group owner, Chicago, IL
Amount: $95,000,000
Section: RFP for a concession (Unsuccessful, Responsive Respondents: 6)
Terms: One-time transaction
Number of Unsuccessful, Responsive Respondents: 6
Comments:
This solicitation is awarded as a 40 year land lease and as a concession in accordance with 30 ILCS 500/53-25. Pursuant to that statute, the wholly owned subsidiary (limited liability company) -of Provident Resource Group, a national 501 (-c) 3 tax exempt organization, will be a lessee under the ground lease concession with the University. Provident Resource Group will engage the Developer (Vermillion Development of Chicago, Illinois) and the Developer will engage the contractor (Pepper Construction of Chicago, Illinois) and other design and construction professionals to develop, construct and operate the Project consisting of 125,000 sq. ft. instructional facility and ancillary academic support facility. The Project will be financed through bonds issued by the Illinois Finance Authority. The University will lease the facilities for the term of the financing, and will make an upfront contribution to support the tax exempt financing.
The State Purchasing Officer for this procurement is now John Knittle.
The University award process may be delayed up to thirty days as this award goes through a state approval process.
