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TO: Mayor Thomas J. Weisner
FROM: Chuck Nelson, Director of Neighborhood Standards
DATE: September 7, 2016
SUBJECT:
A Resolution authorizing the City of Aurora to enter into a new Commercial Lease Agreement with Prisco's Family Market Inc. and JTE Family Properties, LLC Series E, d/b/a Spartan House, for the City Owned parking lot attached to Well House #15 located at 1036 Prairie Street.
PURPOSE:
Resolution authorizing the City of Aurora to enter into a new Commercial Lease Agreement with Prisco's Family Market, Inc. and JTE Family Properties, LLC Series E, d/b/a Spartan House, for use of the City Owned parking lot attached to Well House #15 located at 1036 Prairie Street.
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 or in the event of a new lease, for review and approval.
The City originally entered into a lease agreement with Prisco's Finer Foods, Inc for this space back in 1996. The parking lot premises consist of approximately 15,296 sq. ft. and is has been used as overflow parking space for Prisco's employees and patrons.
Recently Spartan House began renovations to the property located east of this parking lot, and will be sharing with Prisco's in the lease, use, and maintenance of this parking lot.
DISCUSSION:
The lease agreement is for a one (3) year term and can be renewed for two (1) year extensions if mutually agreed by the City and tenant. The rent for this space is $765.00 per year, the yearly rent will be subject to a 2% yearly increase.
IMPACT STATEMENT:
The approval of this lease agreement would allow for Prisco's employees as well as patrons of neighboring business to use off-street parking, rather than push the overflow into the neighboring residential streets. In addition the premises will be maintained by the tenants, rather than the City of Aurora.
RECOMMENDATIONS:
To approve Commercial Lease a...
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