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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 i...
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