Provide advisory on lease appraisals, which would be used to determine the fair market rental value for the CHA. Fair Market Rental value is defined as “the rental income that a property would most likely command on the open market as indicated by current rentals being paid for comparable space(as of the effective date of the appraisal).: The term is often synonymous with “economic rent.” Fair market rental value should be based on specific comparable rental properties. The selected consultant may also perform tasks as detailed below as requested by CHA staff. • Assist the CHA to identify tenants for vacant space in CHA-owned properties or lease opportunities within the Chicagoland market to meet space requirements on a project-specific basis • Assist the CHA in negotiating competitive leases, terms for new leases, renewals, or amended lease terms where the Authority is the lessor or the lessee • Assist the CHA with the preparation of the lease documents • Assist with the representation of the Authority in the lease-execution process • Prepare lease term executive summaries and presentations to the CHA staff as well as other CHA stakeholders • Assist in scheduling access to properties and spaces of interest to CHA for site visits, inspections and feasibility studies, amongst other tasks, in coordination with other counterparties, brokers and owners • Assist with preparing or making presentations as necessary, inclusive of market data preparation, collation, analysis and interpretation • Assist in the coordination of legal and appraisal work • Assist in finding space for lease via available public and private multiple listing services such as COSTAR and LOOPNET, among other available proprietary and closed access services, as appropriate
