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TO: Mayor Richard C. Irvin
FROM: Steve Andras, P.E., Acting Airport Manager
DATE: December 2, 2021
SUBJECT:
An ordinance authorizing the execution of a lease amendment between the City of Aurora and Suburban Properties, LLC for two hangars located at the Aurora Municipal Airport.
PURPOSE:
To obtain City Council approval authorizing an amended lease which will combine the terms of the two existing leases into a single amended lease for a twenty years between the City of Aurora and Suburban Properties, LLC.
BACKGROUND:
Presently, there are two leases for the hangars located at 43W514 and 43W516 U.S. Route 30 at the Aurora Municipal Airport. Both leases are between the City of Aurora and Suburban Properties, LLC. The original leases were with a different tenant, and were assigned to Suburban properties under ordinance O06-33 on April 25, 2006 for building 43W514 and ordinance O06-18 on March 28, 2006 for building 43W516. Both leases assignments are attached for your reference.
DISCUSSION:
Suburban Properties, LLC is in the process of refinancing both hangars and has requested an amendment to each lease to extend the current term (see attached email). Tim Ryan of Suburban Properties, LLC has indicated that there are less than 20 years remaining on both original leases and that it is difficult to secure financing without a minimum of a 20 year lease.
IMPACT STATEMENT:
Approving an amended lease should have little impact to the City of Aurora. Suburban Properties, LLC is in good standing with the City of Aurora.
RECOMMENDATIONS:
We request that the Building, Zoning and Economic Development Committee make a favorable recommendation to the Committee of the Whole for the approval of this amended agreement.
cc: Building, Zoning and Economic Development Committee
CITY OF AURORA, ILLINOIS
ORDINANCE NO. _________
DATE OF PASSAGE ________________
title
An Ordinance Authorizing the Execution of an Amended Lease Between the City of Aurora and Suburban Pr...
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