Notice of Intent to renew land lease of 5.94 acres in Urbana, IL

U. S. Army Corps of Engineers to renew a succeeding Land Lease in Urbana, IL for the U. S. Army Reserves. This lease is for a total of 5.94 +/- rentable acres on other than full and open competition basis, using Operation and Maintenance funds[A1] . Originally this was a nominal fee land lease which converted to Fair Market Value short term lease on 1 April 2010. All buildings located on the property were constructed and are owned by the Army Reserves. The current lease expired on March 31, 2020. The renewal would be for a term of 1 year, plus 4 option years. The land has been leased by the Army Reserves since 1960. The buildings were built and continue to be owned by the Army Reserves. The cost to construct the facilities was approximately $465,500. The facilities are currently valued at approximately $800,000. To vacate the premises and search for a location elsewhere would be a substantial duplication of cost to the Government and would cause unacceptable delays. The buildings owned by the Army Reserves would either be abandoned in place or removed. It would be more advantageous for the Government to continue leasing the current property rather than seek property elsewhere.