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TO: Mayor Richard C. Irvin
FROM: Bill Wiet
DATE: November 22, 2017
SUBJECT:
For the City of Aurora, the leasee, to enter a lease agreement with Fifth Third Bank, the lessor, for a portion of the property at 105 E Downer Plc (PIN #15-22-381-008). The subject portion of the property is currently used as a private parking lot and if leased to the City of Aurora would be converted into public parking.
PURPOSE:
The portion of the parcel to be leased to the City of Aurora would be utilized to increase the amount of public parking in downtown Aurora. .
BACKGROUND:
As the downtown business community increases the need for additional downtown public parking will need to increase as well. .
DISCUSSION:
This lot is owned by Fifth Third Bank. The lease agreement would be for a portion of the lot leased by the city for parking. The term is two years with one two-year extension for $10 per term (Attachment A). Funds are available for this nominal fee covered by Central Services.
IMPACT STATEMENT:
This will allow the City to create four additional parking spaces for community benefit
RECOMMENDATIONS:
It is recommended that this lease agreement be approved.
cc: Alderman O’Connor, Chairman
Alderman Mesiacos
Alderman Bugg
Alderman Mervine, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution Approving a Lease between Fifth Third Bank and the City of Aurora for a portion of Property Located at the Southwest Corner of Downer and Broadway
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WHEREAS, the City of Aurora has a population of more than 25,000 persons and is, therefore, a home rule unit under subsection (a) of Section 6 of Article VII of the Illinois Constitution of 1970; and
WHEREAS, subject to said Section, a home rule unit may exercise any power and perform any function pertaining to its government and affairs for the protection of the public health, safety, morals, and welfare; and
WHEREAS, The City of Aurora is interested in leasing and Fifth Third Bank is interested in leasing to the City a portion of Bank owned land consisting of approximately 1,648 square feet; and
WHEREAS, Fifth Third Bank owns the parking lot immediately north of the City parking lot and continues to operate the property as a parking lot; and
WHEREAS, Fifth Third Bank desires to lease this portion of Bank owned property to the City , thereby allowing the City to create four additional parking spaces for community benefit; and
WHEREAS, it is in the best interest of the City of Aurora and its residents lease a portion of its property from Fifth Third Bank for a price of TEN DOLLARS per year, with the costs to be covered by the Division of Central Services and
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Aurora, Illinois, as follows:
1. That the Mayor of the City of Aurora be authorized to execute the Contract for the Lease of Real Estate attached hereto and made a part thereof as Exhibit A.
2. That the Corporation Council for the City of Aurora, or his/her designee, be authorized to complete the lease of property on the City's behalf.