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TO: Mayor John Laesch
FROM: Brian W. Caputo, Chief Operating Officer
DATE: January 15, 2026
SUBJECT:
A Resolution Authorizing the Extension of a Lease with the Fox Valley Music Foundation for the Property at 19-21 South Broadway
PURPOSE:
To authorize the extension of a lease with the Fox Valley Music Foundation (FVMF) for the property at 19-21 South Boardway for use as a music venue.
BACKGROUND:
The City of Aurora owns the building at 19-21 Broadway. The city executed a lease with the FVMF for this property effective May 1, 2022, for a five-year term. The Aurora City Council authorized the initial lease through its adoption of Resolution No. 22-131 (Exhibit B). The property is commonly known as "The Venue."
The FVMF is a State of Illinois nonprofit corporation whose mission is to preserve, promote, protect, and present the music of the Fox Valley area of Illinois while providing music education to people of all ages and walks of life
DISCUSSION:
The initial lease will expire on April 30, 2027. However, the FVMF would like to renovate the restrooms in the building. To justify this investment, the foundation would like to extend its lease to April 30, 2032.
Additionally, the FVMF has agreed to allow the city to use the facility when it is not committed for other purposes. Moreover, in consideration of prevailing insurance practice and the increased potential cost of contemporary risks, the city would like to add a $1 million umbrella requirement to the insurance provisions of the lease.
The lease extension would make no change to the lease fees paid by the FVMF. That is, the foundation would continue to pay an annual fee of $1,185 in lieu of real estate taxes that would be paid to the city and the East Aurora School District by a taxable entity. Also, the FVMF would continue to pay $175 per year in lieu of the special service area tax that would be paid by a taxable entity located in Special Service Area One.
IMPACT STATEMENT:
The lease...
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