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R2109-76 Resolution Authorizing Fourth Amendment to Lease Agreement -South Water Street, LLC, Garage Parking C
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R2109-76 Resolution Authorizing Fourth Amendment to Lease Agreement -South Water Street, LLC, Garage Parking C
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Last modified
1/13/2020 11:12:39 AM
Creation date
5/23/2019 5:36:44 PM
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Resolution/Ordinance
Res Ord Num
R2019-76
Res Ord Title
R2019-76 Resolution Authorizing Fourth Amendment to Lease Agreement -South Water Street, LLC, Garage Parking C
Department
City Manager
Approved Date
5/20/2019
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Exhibit A <br /> AMENDMENT TO SOUTH WATER STREET, LLC,PARKING LEASE AGREEMENT <br /> WHEREAS,the city of Decatur, Illinois,a municipal corporation ("City") and South <br /> Water Street LLC ("Developer") entered into a lease agreement("Agreement") dated <br /> June 7, 2010 for parking spaces in Parking Garage"C",located at the northeast <br /> corner of Franklin and Wood Streets; and, <br /> WHEREAS,the City and the Developer have agreed to increase the maximum <br /> allowable parking spaces purchased under the terms of the lease from 145 to 215; <br /> and <br /> WHEREAS,the City and the Developer have agreed to increase the term of the <br /> agreement for an additional ten (10)years, expiring on June 30, 2030,and have <br /> agreed to inflationary increases to periodicalty adjust the current monthly rate <br /> based on comparable property leases involving the City and the Developer; <br /> NOW THEREFORE,the City and the Developer agree as follows: <br /> 1. Upon Approval by the City Council,the maximum allowable parking spaces <br /> authorized by this amendment shall be increased from 145 to 215; <br /> 2. Beginning July 1, 2019 the current monthly rate shall increase by 5%; and <br /> beginning July 1, 2024 the then monthly rate shall be increase by an <br /> additional5%; <br /> 3. This amendment shall expire on June 30, 2030; and <br /> 4. All other terms and conditions of the original Agreement remain unchanged, <br /> and shall remain in full force and effect. <br /> DATED this 20th day of May, 2019. <br /> FOR THE CITY OF DECATUR, ILLINOIS <br /> � i �;'�,�' ,�r��r ,� <br /> c '�` A,�' <br /> YOR <br /> ATTEST: <br /> C_=��\�,� . <br /> y�,.• . <br /> CITY CLERK <br /> SOUTH WATER STREET, LLC <br /> e <br /> PRESIDENT <br />
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