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TO: Mayor Richard C. Irvin
FROM: The Mayor's Office
DATE: March 10, 2022
SUBJECT:
Approval of a new lease with The Riverfront Playhouse for the space located at 13 S. Water Street, Aurora, Illinois for a term of three (3) years.
PURPOSE:
The Riverfront Playhouse currently occupies 13 S. Water Street, which is the property known as "the Vargas Building." The Riverfront Playhouse uses the space for the operation of an independent theater. However, the current lease is expired, and with the approval of the new lease, the term will run three years and expire on February 28, 2025 with options to renew for additional one year terms.
BACKGROUND:
The City's lease with The Riverfront Playhouse is expired. In order to bring the lease current, City staff recommends the approval of this lease.
DISCUSSION:
The new lease is for a three (3) year term, expiring on February 28, 2025. At that time, the parties have the ability to agree to renew the lease for additional one (1) year terms. The new lease does not change the monthly rent amount that The Riverfront Playhouse has been paying to date: $400.00 per month. The lease also clarifies maintenance responsibilities between the parties, and sets forth a process for The Riverfront Playhouse to contact City staff for maintenance concerns or emergency issues. Additionally, the lease specifies when and how the City may enter the premises and what notice is required. In general, the remaining provisions of the lease are standard terms that the City includes in its leases, and The Riverfront Playhouse was agreeable to these terms. A copy of the proposed lease is attached as Exhibit A.
IMPACT STATEMENT:
Approval of this lease will bring the lease current between the parties so expired documents are not being used. The new lease clarifies certain topics such as maintenance and notice provisions, while leaving the rent amount unchanged.
RECOMMENDATIONS:
Approval of the lease between the City and The Riverfront Pla...
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