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PROPOSED CONTRACT AMENDMENT
Department(s): Department of Planning and Development
Vendor: Glencoe Golf Course, Glencoe, Illinois ("GGC") and the Village of Glencoe, Glencoe, Illinois (the "Village")
Request: Authorization for the Forest Preserves of Cook County (the "Forest Preserves") to amend contract
Good(s) or Service(s): Agreement relating to the use of Forest Preserves property for golf course purposes, including construction of a new clubhouse building complex, by GGC and/or the Village.
Original Contract Period: Continuous term from 1922 with no termination date; amended per Board Item No. 17-0138 (June 6, 2017) to add termination twenty (20) years from effective date of amendment (June 15, 2037) with an option to extend for up to twelve (12) years if the Village was able to obtain financing for improvements (i.e., June 14, 2049). The Village was able to obtain financing pursuant to a referendum approved by Glencoe voters on April 4, 2023.
Proposed Contract Period Extension: June 15, 2037 to June 14, 2049
Total Current Contract Amount Authority: N/A
Original Approval: N/A
Previous Increase(s): N/A
This Increase Requested: N/A
Estimated Fiscal Impact: N/A (Revenue Generating). Revenue expected:
1. Annual Payment. GGC shall continue to pay the Forest Preserves an annual payment in an amount that is equal to the greater of (1) $62,500.00 or (2) 3.6% of the annual gross revenue generated by GGC from golf course operations during the immediately preceding year.
2. Tree Mitigation. Tree mitigation fees for removal of thirty-two (32) trees within the modified clubhouse complex boundary in an amount equal to a minimum of $349,108.21. In practice, more trees may need to be removed than originally estimated. Any increase in the tree mitigation fee will be in accordance with the Tree Mitigation Plan (Board Item No. 20-0279) and if such increase is more than 20% of the original estimate, then approval will be sought from the...
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