cover
TO: Mayor Richard C. Irvin
FROM: Alex G. Alexandrou, Chief Management Officer
Jim Birchall, Chief Public Facilities Officer
DATE: June 11, 2024
SUBJECT:
A Resolution Authorizing the Approval and Execution of a Lease Agreement Between the City of Aurora and the Aurora Metropolitan Exposition Auditorium and Office Building Authority for the lease of space at 5 E. Downer Pl., Suite G, Aurora, Illinois 60506.
PURPOSE:
The purpose of this item is to execute a lease agreement between the City of Aurora and ACCA to facilitate the opening of the "Stolp Island Theatre" in downtown Aurora.
BACKGROUND:
The Subject Property is currently zoned DC: Downtown Core. The building is a modern parking garage with commercial space on the first floor. ACCA operates the Paramount Theatre and River Edge Park along with the Copley Theatre in Aurora in addition to overseeing a performing arts school and its well-regarded event space. These venues provide significant economic activity within the downtown and contribute measurably to the economic vibrancy and resurgence in the downtown that Aurora has experienced in recent years.
The City has been working with the Aurora Civic Center Authority (ACCA) for the creation of a new theatre in the first-floor space of the parking deck, which will open in July of 2024. The Aurora Civic Center Authority, in force of a license agreement approved at the end of 2021 (attached), has built out and converted the commercial space at the back of the building along the river into an interactive theatre space.
DISCUSSION:
The term of this lease is for twenty (20) years, between the dates as stated on page 1 of the attached lease agreement, Exhibit A. Approval of this lease will allow the project to continue in a timely fashion.
IMPACT STATEMENT:
Approval of this lease agreement will support the continued growth of live theatre downtown, supporting other area businesses and restaurants and solidifying Aurora as a destination for the arts.
RECO...
Click here for full text