UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 26, 2010
FEDERAL HOME LOAN BANK OF CHICAGO
(Exact name of registrant as specified in its charter)
Federally chartered corporation | 000-51401 | 36-6001019 |
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
| | | |
| | |
200 East Randolph Drive Chicago, Illinois | | 60601 |
(Zip Code) |
(Address of principal executive offices) | | |
Registrant's telephone number, including area code:
(312) 565-5700
Former name or former address, if changed since last report:
Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01 Entry into a Material Definitive Agreement
In August 2009, the Federal Home Loan Bank of Chicago (the "Bank") moved its offices from 111 East Wacker Drive, Chicago, Illinois (the "Wacker Premises") to a smaller, more economical space at 200 East Randolph Drive, Chicago, Illinois (the "Randolph Premises").
As the Bank continues to consolidate its remaining operations and employees from the Wacker Premises to the Randolph Premises, the Bank and Aon Corporation, as Sublandlord, entered into a First Amendment to Sublease Agreement dated January 26, 2010 ("First Amendment") attached as Exhibit 10.1 to this Form 8-K. The First Amendment increases the Randolph Premises by 28,640 square feet ("Additional Randolph Space") effective March 1, 2010 through December 10, 2013, which is the remainder of the Bank's current sublease term for the Randolph Premises. The annual base rent for the Additional Randolph Space from March 1, 2010 through February 28, 2011 is $673,040, and the base rent increases thereafter by approximately three percent (3%) annually. The Bank will receive a rent abatement for the first eight months of the sublease of the Additional Randolph Space. The Bank is responsible for certain additional rent, including property taxes, utilities and certain other operating expenses. T he Bank expects that by continuing to consolidate its operations to the Randolph Premises future operating expenses will be reduced.
This Current Report contains forward-looking statements, including an estimate of future cost savings, which are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terminology, such as "preliminary," "projected," "likelihood," "continue," "anticipates," "believes," "expects," "could," "plans," "estimates," "may," "should," "will," or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty, that actual results could differ materially from those expressed or implied in these forward-looking statements and that actual events could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not li mited to, the risk factors set forth in the Bank's periodic filings with the Securities and Exchange Commission, which are available on the Bank's Web site at www.fhlbc.com. The Bank assumes no obligation to update any forward-looking statements made in this Current Report.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
Exhibit No. | Description |
10.1 | First Amendment to Sublease Agreement by and between Aon Corporation and the Bank, dated January 26, 2010 |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | Federal Home Loan Bank of Chicago |
| | |
Date: February 1, 2010 | | By:/s/ Peter E. Gutzmer |
| | | Peter E. Gutzmer
Executive Vice President, General Counsel and
Corporate Secretary |
