FACILITIESAPPROVED

idjj-sch-dist-428-contract-2023-07-14_49a.pdf

School District Approves Long-Term Facility Lease with NIU

$11,250.00 per month (up to 240 months), with purchase option for $1,860,000 (first 25 months) or $2,700,000 (after 25th month) less lease creditsIDJJ Sch Dist 428BOARD OF TRUSTEES OF NORTHERN ILLINOIS UNIVERSITYJuly 14, 2023

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Description

DeKalb Community Unit School District 428 approved a 20-year facility lease at 1240 Normal Road, DeKalb, Illinois, from the Board of Trustees of Northern Illinois University, at $11,250 per month. The lease includes an option to purchase the property after 24 months for $1,860,000 or later for $2,700,000, with lease credits applied.

Contract Details

Contract Amount

$11,250.00 per month (up to 240 months), with purchase option for $1,860,000 (first 25 months) or $2,700,000 (after 25th month) less lease credits

Vendor

BOARD OF TRUSTEES OF NORTHERN ILLINOIS UNIVERSITY

Agency

IDJJ Sch Dist 428, IL

Contract Type

FACILITIES

Document Date

July 14, 2023

Contract Term

240 months from Commencement Date, or until purchase option exercised; term may be shorter if purchase option is executed early

Renewal Info

Option to purchase after 24 months; otherwise, up to 240-month maximum. Holdover triggers 150% rent. Lease does not auto-renew—requires new action. Improvements possible; any amendments require written agreement.

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