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TO: Mayor Thomas J. Weisner
FROM: Joseph Hopp, Superintendent of Maintenance Services
DATE: April 17, 2014
SUBJECT:
Resolution to renew Lease Amendment #7 with The Auto Club Group for a 2-year lease of the 132 parking spaces for the permit holders at the RT 59 Transit Center.
PURPOSE:
The Auto Club Group ("AAA"), lot provides 132 parking spaces for permit holders that use the RT 59 Transit Center.
BACKGROUND:
Due to a shortage of commuter parking for patrons of the RT 59 Transit Center, the City entered into a lease agreement with AAA for 132 surplus parking spaces in their lot on Meridian Lake Drive in July of 2004.
DISCUSSION:
This is the 7th Lease Amendment to the original lease. This lease is for a 2-year term that will expire on August 31, 2016. The annual lot rental for the first year beginning September 1, 2014 will remain at the current annual rate of $39,709.96. The second year beginning September 1, 2015 will be increased by .025% for a new annual rate of $40,701.72.
In Lease Amendment #7, Clause #5, there is the right for Aurora to terminate the lease with a 30 day notice if the spaces are no longer needed.
There are funds reserved in the RT 59 Transit Fund account 530-4434-437-3917 for parking facilities rentals.
IMPACT STATEMENT:
The lease costs are fully paid by the commuters that hold a permit to park at AAA lot.
RECOMMENDATIONS:
That the proposed resolution to renew the Lease Amendment #7 with The Auto Club Group for a 2-year lease of 132 parking spaces for permit holders at the RT 59 Transit Center be adopted.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Peters, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution to renew the Lease Amendment #7 with The Auto Club Group for a 2-year lease of the 132 parking spaces for the permit holders at the RT 59 Transit Center.
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WHEREAS,...
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