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TO: Mayor Richard C. Irvin
FROM: The Mayor's Office
The Law Department
DATE: December 17, 2021
SUBJECT:
F.H. Paschen's Lease of the Second Floor of the Elmslie Building.
PURPOSE:
To authorize a proposed extension of lease agreement for the space located at 1 S. Broadway, 2nd floor, Aurora, Illinois, to be leased to F.H. Paschen for an additional one (1) year term through September 30, 2022
BACKGROUND:
F.H. Paschen is currently the tenant of City-owned space located at 1 S. Broadway, 2nd floor. The existing lease term expired on September 30, 2021, but F.H. Paschen has continued to occupy the space under the terms of the existing lease. This extension of lease agreement brings the lease current, by extending it for an additional year through September 30, 2022. The extension agreement also includes language providing for automatic one-year renewal periods unless either party elects to terminate the lease. The extension agreement also clarifies that F.H. Paschen will be responsible for any property taxes assessed for the space.
DISCUSSION:
Operating under a current lease benefits both parties and solidifies F.H. Paschen's lease of the space through September 30, 2022 with options for renewal. In addition to being responsible for the payment of any applicable property taxes, F.H. Paschen will continue to pay $2,450 per month ($29,000 annually) in rent to the City.
IMPACT STATEMENT:
Approval of this lease extension agreement brings the City's lease with F.H. Paschen current, instead of continuing the landlord-tenant relationship based on an expired document.
RECOMMENDATIONS:
We request approval of the lease extension agreement.
cc: Finance Committee
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution approving a lease extension agreement with F.H. Paschen, for its lease of City-owned space located at 1 S. Broadway, 2nd floor, Aurora, Illinois, for an additional one-year term through Septe...
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