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TO: Mayor Robert J. O'Connor
FROM: Chuck Nelson, Director of Neighborhood Standards
DATE: February 7, 2017
SUBJECT:
Resolution to authorize the City of Aurora to enter into a new Commercial Lease Agreement with Subway Real Estate, LLC for the space located at 5 E. Downer Pl. commonly known as Stolp Island Place.
PURPOSE:
Resolution authorizing the City of Aurora to enter into a new Commercial Lease Agreement with Subway Real Estate, LLC for the commercial space located at 5 E. Downer Pl.
BACKGROUND:
In a continued effort to standardize leases, the Department of Neighborhood Standards (DNS) will be presenting all leases to the Council prior to their expiration for review and approval.
The City of Aurora originally entered into a lease agreement with Subway for this space back in 1991. The space is approximately 1,400 sq. ft. and has been used a sandwich shop since. The current lease agreement for this space recently expired.
DISCUSSION:
The attached lease agreement proposes an initial five year term, with the option of two additional extensions that can be renewed. The monthly rent for this space is $1,021.63 per month, the rent will additionally increase 2% each year. In addition, a security deposit of $1,021.63 will be paid at the execution of this lease agreement.
IMPACT STATEMENT:
The approval of this lease agreement would allow for Subway to continue operating their business in a space that would otherwise sit vacant.
RECOMMENDATIONS:
To approve the new Commercial Lease agreement for the space at 5 E. Downer Pl.
cc: Alderman O'Connor, Chairman
Alderman Mervine
Alderman Bohman
Alderman Mesiacos, Alternate
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution authorizing a new Commercial Lease Agreement with Subway Real Estate, LLC for the space approximately 1,400 square feet located at 5 E. Downer Pl. commonly known as Stolp Island Place.
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WHEREAS, the City of Aurora has a popul...
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