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TO: Mayor Richard C. Irvin
FROM: Jessica L. Kalal, Assistant Corporation Counsel
DATE: August 5, 2021
SUBJECT:
A resolution approving an extension of parking lot lease agreement with Hollywood Casino-Aurora, Inc., for the property located at 201 N. River Street, and known as the HCA-West lot, for an additional two years.
PURPOSE:
To extend an existing lease agreement with Hollywood Casino-Aurora, Inc., which recently expired at the end of July 2021. This extension agreement brings the lease current again and extends the term for an additional two years, or through July 30, 2023, with options for automatic renewals for additional one (1) year terms thereafter.
BACKGROUND:
The parties entered into an original lease agreement for this parking lot on November 14, 2001. The agreement was thereafter extended or amended on various occasions from 2007 through 2017. The most recent amendment, executed on May 10, 2017, called for the lease to expire at the end of July 2021.
DISCUSSION:
In negotiating this extension agreement, the parties agreed that Hollywood Casino-Aurora would gain an additional six (6) parking spaces, to bring the total number of spaces to eighteen (18). In exchange, the parties agreed that rent would increase from $1,500.00 to $2,250.00 per month. In addition, the extension agreement provides for a two-year term, expiring July 30, 2023, with automatic renewal options for one (1) year terms thereafter.
IMPACT STATEMENT:
The extension of parking lot lease agreement will bring the lease current and provide for a new two-year term. The agreement also allowed for the parties to renegotiate items such as number of spaces and rent.
RECOMMENDATIONS:
That the resolution be approved.
cc: Finance Committee
CITY OF AURORA, ILLINOIS
RESOLUTION NO. _________
DATE OF PASSAGE ________________
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A Resolution approving an extension of parking lot lease agreement with Hollywood Casino-Aurora, Inc., for the property located at 201 N. Rive...
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