cover
TO: Mayor Richard C. Irvin
FROM: David Dibo and Alex Minnella, Mayor's Office of Economic Development
DATE: April 12, 2022
SUBJECT:
A Resolution Approving an Updated Lease with the Fox Valley Music Foundation for Property at 19-21 South Broadway.
PURPOSE:
The purpose of this request is to authorize a new lease with the Fox Valley Music Foundation (FVMF) for the property at 19-21 South Broadway, commonly known as The Venue. The new lease extends through March 31, 2027 and provides an option to renew the lease for (1) one, (5) five-year term, subject to written consent of both Parties. In addition, after the initial five-year term, the lease enables the City to terminate the lease with a one-year notice period should the City determine a higher and better use for the property. Finally, the lease reduces the annual obligation to pay the "fee in lieu" taxes from $7,860 to an amount equal only to the school portion, presently valued at $1,185; and the SSA payment obligation, presently valued at $175.
BACKGROUND:
The Fox Valley Music Foundation (FVMF) is a State of Illinois nonprofit corporation whose mission is to preserve, promote and protect the music of the Fox Valley area of Illinois while providing music education for people of all ages and from all walks of life.
The Venue opened to the public on June 1, 2019. Thanks to countless hours invested by volunteers in construction and day-to-day operations, The Venue is now regarded as a high quality, state-of-the art performance space. Since opening, it has since drawn thousands of patrons desiring to see live music, participate in workshops, and hear musical history presentations by renowned experts. Local, regional, and national artists who have performed at The Venue have marveled at the acoustics, admired the enthusiastic crowds, and spoken words of appreciation for what The Venue has meant to each of them.
The Venue is an anchor and has set the tone for the redevelopment of Broadway. The Venue opens ...
Click here for full text