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TO: Mayor Richard C. Irvin
FROM: Bill Wiet
DATE: November 21, 2017
SUBJECT:
To enter a lease agreement with a tenant, through assignment from Invest Aurora, for the property at 13 S Broadway (PIN #15-22-336-007). Aurora Botanicals, the leasee, intends to open a retail shop selling garden plants and decorations, gourmet food baskets, and candy.
PURPOSE:
It is the City's goal to lease city-owned properties, which is the case here. This deal is an opportunity to fill a vacant building with a viable business. The leasee has agreed to use the space as a retail shop selling garden plants and decorations, gourmet food baskets, and candy.
BACKGROUND:
The City has planned to take the lead in the redevelopment of this block. While most of the City-owned properties are occupied, an effort is underway to lease or occupy the remaining properties. It is anticipated that the future redevelopment may be for municipal purposes, commercial, offices, open space, parking, or a combination thereof. In the meantime, it is in the best interest of the City to lease City-owned properties.
DISCUSSION:
: Invest Aurora took the lead in finding the perspective tenant and negotiating the lease agreement. This City-owned property is currently vacant. Aurora Botanicals intends to open a retail shop selling garden plants and decorations, gourmet food baskets, and candy. The term is five years with 2 five-year extensions. Rent is $10 per month plus $175 annually in lieu of SSA tax and the annual property tax. The City of Aurora will be responsible for structural maintenance and repairs. The tenant is responsible for routine maintenance and utilities, and the creation of a partition between the first and second floors of the building. (See Lease Agreement Exhibit A).
IMPACT STATEMENT:
The City of Aurora will a fill a currently empty storefront with a viable business.
RECOMMENDATIONS:
That the attached Real Estate Contract for the purchase of property located at 13 South Broadw...
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