HomeMy WebLinkAbout6.4 A RESOLUTION AUTHORIZING THE EXECUTION OF A FOURTH AMENDMENT TO THE LEASE AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT AND PARKWAY BANK AND TRUST FOR PROPERTY LOCATED AT 1709-1713 WEST ALGONQUIN ROAD, MOUNT PROSPECT, ILLINOISM+awn �'xytlts=e
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Subject A RESOLUTION AUTHORIZING THE EXECUTION OF A FOURTH
AMENDMENT TO THE LEASE AGREEMENT BETWEEN THE
VILLAGE OF MOUNT PROSPECT AND PARKWAY BANK AND
TRUST FOR PROPERTY LOCATED AT 1709-1713 WEST
ALGONQUIN ROAD, MOUNT PROSPECT, ILLINOIS
Meeting March 18, 2025 - REGULAR MEETING OF THE MOUNT PROSPECT
VILLAGE BOARD
Fiscal Impact (Y/N) Y
Dollar Amount
Budget Source General Fund
Category CONSENT AGENDA
Type Presentation
Information
The Village and the Mount Prospect Library have operated the Community Connections Center
(Center) at 1709-1713 W. Algonquin Road since 2009, providing social and library services to
residents in the area. The current lease term will expire 5/31/2025 with the option to extend
for two additional years through 5/31/2027. Option 1 and Option 2 call for annual 3%
increases in rent while all other terms of the original lease remain unchanged. The Village will
pay $15.20 per square foot in rent plus approximately $9.00 per square foot in common area
maintenance and property taxes for the Center. This lease rate is very competitive for retail
space in Mount Prospect.
Lease Year
June 2022 - May 2023
June 2023 - May 2024
June 2024 - May 2025
June 2025 - May 2026
Monthy Base Rent*
$4,173.39
$4,298.60
$4,427.56
$4,450.39
(Option 1)
June 2026 - May 2027 $4,697.21
(Options 2)
* Does not include property taxes, common area maintenance, administration and other fees.
The Village initially entered into a three-year lease in 2009 and later extended the lease in
2012, 2017 and 2022 with three-year terms and two-year extension options. The Fourth
Amendment to the lease includes two one-year options. Given the investment that the Village
and Library have made in the space and the overwhelming success that the Center has
achieved, staff is recommending that the Village enter into the Fourth Amendment which
includes two one-year options.
Discussion
Alternatives
1. Approve the attached resolution authorizing the execution of the fourth amendment to the
lease agreement between the Village and Parkway Bank and Trust for property located at
1709-1913 West Algonquin Road.
2. Action at the discretion of the Village Board
Staff Recommendation
Staff recommends that the Village Board approve the resolution authorizing the fourth
amendment to the lease agreement for the Community Connections Center.
Attachments
1. CCC Lease (3yr) 6.2022- 6.2025
2. 2025_01_02 - 1709-13 Village - Fourth AMD to Lease
3. Lease agrmt communityconnectionscenter amendment 2025
March 22, 2022
Village of Mount Prospect
1709-1713 W. Algonquin Road
Mount Prospect, IL 60056
LEASE EXTENSION PROPOSAL
Base Rent
Real Estate Taxes
Common Area Maintenance
Administration
Reserve
Insurance
Water
Pylon
Total Monthly Invoice
Lease Year Monthly Base Rent
06/01 /2022-05/31 /2023 $4,173.39
06/01/2023-05/31/2024 $4,298.60
06/01/2024-05/31/2025 $4,427.56
OPTION 1 Monthly Base Rent
06/01/2025-05/31/2026 $4,560.39
OPTION 2 Monthly Base Rent
06/01/2026-05/31/2027 $4,697.21
Suite :
1709-13
Lease:
3 years
Option:
(2) 1 Year
Sg. Ft.:
3600
Securit Cie osit:
None
$4,173.39
$1, 704.00
$792.00
$120.00
$54.00
$135.00
$200.00
$75.00
$7,253.39
Except to the extent modifled ky the terms of this Lease Extensi ° n lr o I ll rrtl r r nisi n
oft othe rti d t d April 26 2012 re inggEpg[atgd into and made a
ar l her ; f and shall alalft through the oxtynded Ic' as g term set forth herein.
Acceptance of Lease Extension Proposal:
Village of Mount Prospect
Albert Bruno -Managing partner
Crystal Court Shopping Center
Third Amendment To
Commercial Lease
THIS THIRD AMENDMENT TO COMMERCIAL LEASE ("Amendment") is made this 27 day of April 2022 (the
"Effective Date", which shall be the date of full execution by both parties), by and between, Parkway Bank and Trust Company, as
Trustee under Trust Agreement dated November 02, 1998 and known as Trust No. 12122 ("Landlord") and Village of Mount Prospect
("Tenant"). Landlord and Tenant are sometimes hereinafter referred to individually as the "Party" or collectively as the "Parties".
RECITALS
This Amendment is made with reference to the following facts:
A. Landlord and Tenant entered into that certain Commercial Lease dated April 26, 2012 (the "Lease"), for certain
premises in a building located in the Crystal Court Shopping Center, known as Retail Space 1709-1713 containing
approximately 3,600 square feet of floor area (the Premises").
B. The Parties wish to amend the Lease'upon the terms, covenants, and conditions hereinafter set force.
NOW THEREFORE, in consideration of the mutual covenants, promises and conditions hereinafter set forth, the receipt
and sufficiency of which are acknowledged, as of the Effective Date, the Parties agree as follows:
AGREEMENT
1. Fixed Minimum Base Rent., Section 1.1 Fixed Minimum Base Rent of the Lease is hereby amended by deleting it in
its entirety and replacing it with the following:
Legse Term Monthly Base Rent R E jAxes, CAM IlIsgrance
06/01/2022-05/31/2023 $4,173.39 Full Amount
06/01/2023-05/31/2024 $4,298.60 Full Amount
06/01/2024-05/31/2025 $4,427.56 Full Amount
O0tIQn I Monjhly BaR Rgnj OLE Jaggs,CAM Insurance
06/O1/2025-05/31/2026 $4,560.39 Full Amount
Option 2
06/01/2026-05/31/2027 $4,697.21 Full Amount
2. Miscellaneous.
2.1 Continuing Mgt. cat. Except as specifically provided in this Amendment, the provisions of the Lease
shall remain unchanged and in full force and effect. In the event of a conflict between the Lease and this
Amendment, this Amendment shall control. Capitalized terms used but not defined herein shall have the
meanings attributed to them in the lease.
2.2 Authority. Each person executing this Amendment on behalf of a Party represents and
warrants that it has the full power, authority, and legal right to execute and deliver this Amendment on behalf of
such Party and that this Amendment constitutes the legal, valid and binding obligations of such Party, its heirs,
representatives, successors and assigns, enforceable against such Party or Parties in accordance with its terms.
2.3 Counterparts. This Amendment may be signed in two or more counterpart copies with the
same effect as if the signature to each counterpart copy were on a single instrument. Each counterpart shall be
deemed an original as to any party whose signature it bears and all such counterparts shall constitute one
document Facsimile or electronically scanned copies shall be deemed originals.
Tenant Initial kyo Attest Initial-0-
- .
Page 1 of 2
IN WITNESS WHEREOF, the Parties have duly executed this Amendment effective as of the day and year set forth above.
Tenant: Village of Mount Prospect
d
Michael assady
Village Manager
Attest:
Karen Agoranos
Village Clerk
Landlord:
Albert Bruno as Trustee of the Parkway Bank,
and Trust not personally, but as Trustee under
Trust Agreement dated November 2, 1998, and
known as Trust No. 12122
Fourth Amendment To
Commercial Lease
THIS FOURTH AMENDMENT TO COMMERCIAL LEASE ("Amendment") is made this day of January , 2025 (the "Effective
Date", which shall be the date of full execution by both parties), by and between, Parkway Bank and Trust Company, as Trustee
under Trust Agreement dated November 02, 1998 and known as Trust No. 12122 ("Landlord") and Village of Mount Prospect
("Tenant"). Landlord and Tenant are sometimes hereinafter referred to individually as the "Party" or collectively as the "Parties".
RECITALS
This Amendment is made with reference to the following facts:
A. Landlord and Tenant entered into that certain Commercial Lease dated April 26, 2012 (the "Lease"), for certain
premises in a building located in the Crystal Court Shopping Center, known as Retail Space 1709-1713 containing
approximately 3,600 square feet of floor area (the Premises").
B. The Parties wish to amend the Lease upon the terms, covenants, and conditions hereinafter set force.
NOW THEREFORE, in consideration of the mutual covenants, promises and conditions hereinafter set forth, the receipt
and sufficiency of which are acknowledged, as of the Effective Date, the Parties agree as follows:
AGREEMENT
Fixed Minimum Base Rent. Section 1.1 Fixed Minimum Base Rent of the Lease is hereby amended by deleting it in
its entirety and replacing it with the following:
Option 1 Lease Term Monthly Base Rent R/E Taxes, CAM, Insurance
06/01/2025-05/31/2026 $4,560.39 Full Amount
Option 2 Monthly Base Rent R?E Taxes, CAM, Insurance
06/01/2026-05/31/2027 $4,697.21 Full Amount
2. Miscellaneous.
2.1 Continuing Effect. Except as specifically provided in this Amendment, the provisions of the Lease
shall remain unchanged and in full force and effect. In the event of a conflict between the Lease and this
Amendment, this Amendment shall control. Capitalized terms used but not defined herein shall have the
meanings attributed to them in the lease.
2.2 Authority. Each person executing this Amendment on behalf of a Party represents and
warrants that it has the full power, authority, and legal right to execute and deliver this Amendment on behalf of
such Party and that this Amendment constitutes the legal, valid and binding obligations of such Party, its heirs,
representatives, successors and assigns, enforceable against such Party or Parties in accordance with its terms.
2.3 Counterparts. This Amendment may be signed in two or more counterpart copies with the
same effect as if the signature to each counterpart copy were on a single instrument. Each counterpart shall be
deemed an original as to any party whose signature it bears and all such counterparts shall constitute one
document Facsimile or electronically scanned copies shall be deemed originals.
Tenant Initial Attest Initial
Page 1 of 2
IN WITNESS WHEREOF, the Parties have duly executed this Amendment effective as of the day and year set forth above.
Tenant: Village of Mount Prospect Landlord: Parkway Bank,
and Trust not personally, but as Trustee under
Trust Agreement dated November 2, 1998, and
known as Trust No. 12122
Michael Cassady
Village Manager
Attest:
Karen Agoranos
Village Clerk
Date Albert Bruno as Beneficiary Date
Date
Page 2 of 2
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE EXECUTION OF A FOURTH AMENDMENT TO THE LEASE
AGREEMENT BETWEEN THE VILLAGE OF MOUNT PROSPECT
AND PARKWAY BANK AND TRUST FOR PROPERTY LOCATED AT
1709-1713 WEST ALGONQUIN ROAD, MOUNT PROSPECT, ILLINOIS
WHEREAS, the Village of Mount Prospect is desirous of entering into an amended Lease
Agreement for one yearwith Parkway Bank and Trust for three (3) units located in the Crystal
Court Shopping Center at 1709 - 1713 West Algonquin Road; and
WHEREAS, the President and Board of Trustees of the Village of Mount Prospect find that it is
in the best interests of the residents of the Village to enter into an amended lease agreement
for the operation of the Village's Community Connections Center (CCC).
NOW, THEREFORE, BE IT ORDAINED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF MOUNT PROSPECT, COOKCOUNTY, ILLINOIS, ACTING IN THE EXERCISE
OF ITS HOME RULE POWERS:
SECTION ONE: That the Board of Trustees of the Village of Mount Prospect do hereby
authorize and direct the President to execute and the Village Clerk to attest the signature on
the Agreement between the Village of Mount Prospect and Parkway Bank and Trust for the
purpose of leasingthree (3) units within the Crystal Court Shopping Center; 1709-1713 West
Algonquin Road, Mount Prospect, Illinois, for the Village's Community Connections Center.
Said Lease shall be for a period of two (2), one (1) year options from June 1, 2025, through May
31, 2027, as set forth in the Lease and Fourth Amendment, a copy of which is attached and
made a part of this Resolution as Exhibit "A."
SECTION TWO: That this Resolution shall be in full force and effect from and after its
passage and approval in the manner provided by law.
AYES:
NAYS:
ABSENT:
PASSED and APPROVED this 18th day of March 2025
Paul Wm. Hoefert, Mayor
ATTEST:
Karen M. Agoranos, Village Clerk