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PROPOSED CONTRACT AMENDMENT
Department(s): Permits, Rentals, and Concessions
Vendor: Glencoe Golf Course, Glencoe, Illinois and the Village of Glencoe, Glencoe, Illinois
Request: Authorization for the Forest Preserve District of Cook County to amend contract
Good(s) or Service(s): Revenue generation relating to the use of Forest Preserve property for golf course purposes by Glencoe Golf Course ("GGC")
Original Contract Period: Continuous term from 1922
Proposed Contract Period Extension: The agreement currently has a continuous term without a termination date. The proposed amendment includes a termination date for the agreement of 20 years from the effective date of the amendment. In the event that financing is secured by either GGC or the Village of Glencoe to enable the construction of improvements, and the Forest Preserve receives proper notice of this financing, then the term of the agreement may be extended for up to a maximum of twelve (12) years in order to facilitate the ability of the GGC or the Village of Glencoe to obtain such financing.
Total Current Contract Amount Authority: N/A
Original Approval: N/A
Previous Increase(s): N/A
This Increase Requested: N/A
Estimated Fiscal Impact: Revenue generation in the amount of following: (1) one-time payment of $50,000, and (2) annual payment in the amount that is equal to the greater of $62,500 or 3.6% of the annual gross revenue generated by GGC from golf course operations during the immediately preceding year. No permit or license fee, other than a special use permit fee for alcohol shall be required to be paid by GGC to the Forest Preserve with respect to golf course operations.
Accounts: Revenue generating
Contract Number(s): N/A
Concurrences:
The Chief Financial Officer and Chief Attorney have approved this item.
District(s): 13
Summary: In 1922, the Forest Preserve and GGC entered into an agreement relating to the use and operation of certain property compri...
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