Village of Mount Prospect Regular Meeting Agenda December 2024
Board Affirms Annual Library Lease Payment for Garage
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Description
Mount Prospect Board authorized the annual $1 lease payment to the Mount Prospect Public Library for municipal garage use, affirming the long-term intergovernmental ground lease agreement through December 2042.
Contract Details
Contract Amount
$1.00 annual lease payment (2024)
Vendor
MOUNT PROSPECT PUBLIC LIBRARY
Agency
Mount Prospect village (pt.), IL
Contract Type
FACILITIES
Document Date
December 17, 2024
Contract Term
Annual payment as part of 20-year renewal term (2023–2042)
Renewal Date
2025-12-31
Renewal Info
Second 20-year renewal of ground lease (2023–2042); up to three further renewals possible under lease terms.
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