CITY COUNCIL AGENDA ITEM
ACTION REQUESTED:
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Adopt the resolution approving an amendment and execution of a temporary lease agreement with Partners in Performance
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DEPARTMENT: Transportation, Engineering and Development
SUBMITTED BY: William J. Novack
BOARD/COMMISSION REVIEW:
NA
BACKGROUND:
On March 7, 2017 the City of Naperville approved two temporary lease agreements for two prior tenants of the previous owner of 190 E. Fifth Avenue and 420 N. Center Street (the former Boecker property). The temporary leases were offered and approved to assist the two Naperville businesses in staying open following the transfer of ownership.
DISCUSSION:
One of the businesses has successfully moved into a new Naperville location while the other one (Partners in Performance) is still trying to find an appropriate location in Naperville. Partners in Performance completely understands that their current lease expires at the end of the year, but they inquired if an extension would be considered.
Since the City has just started working with Ryan Companies on the 5th Avenue project there is no upcoming construction expected on the property any time soon. Partners in Performance has been a good tenant and is willing to pay two percent more per month for a six month extension. Staff has prepared and Partners in Performance has executed the attached Amendment and Extension of the Temporary Lease for the building located at 420 N. Center Street including five parking spaces.
FISCAL IMPACT:
Approval of this temporary lease will provide with City with $12,240 of revenue over the six month term.