Announcement of an Exempt Purchase

This property lease was acquired by and assigned to the new owner, Spark Penn. There were two original lease, one for the building lease and the other for parking lease. The new owner combined both leases into one lease resulting in a total dollar amount exceeding the small purchase limit resulting in the exemption as being a specialized space for one location due to the existing lease term being still active. University does not have an option to seek out alternative lease spaces at this time due to contractual arrangement.

This purchase is exempt from the usual selection processes of the Procurement Code because the procurement expenditure is for specialized space available at only one location.(30 ILCS 500/40-5/30 ILCS 500/40-15(b)(4)) This property lease was acquired by and assigned to the new owner, Spark Penn. There were two original lease, one for the building lease and the other for parking lease. The new owner combined both leases into one lease resulting in a total dollar amount exceeding the small purchase limit resulting in the exemption as being a specialized space for one location due to the existing lease term being still active. University does not have an option to seek out alternative lease spaces at this time due to contractual arrangement.