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A Resolution Authorizing the Village Manager to Execute A Lease for 1010 Lake Street for use by the Office of Economic Vitality
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Introduction
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The Village negotiated a Letter of Intent (LOI) to lease 1,737 square feet of office space at 1010 W. Lake Street for the Office of Economic Vitality. The landlord is preparing a formal lease agreement consistent with the deal terms outlined in the term sheet.
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Recommended Action
Staff recommends approval of the resolution, approving the Letter of Intent, and allowing the Village Manager to execute a formal lease agreement that is consistent with the deal terms outlined in the Term Sheet.
Prior Board Action
There is no prior Board action associated with this item.
Background
The Office of Economic Vitality will lease a new office space to conduct operations. The Village evaluated a variety of office space opportunities throughout the Village and toured a number of spaces. The Village Manager’s Office concluded the most economically feasible option is a 1,737 square foot space at 1010 W. Lake Street.
Timing Considerations
The Village has hired new Office of Economic Vitality staff who will require office space since there is no adequate space available at Village Hall.
Budget Impact
The budget impact is consistent with the Letter of Intent and will be memorialized in the lease. The lease is based upon an annual rent of $33 per square foot, multiplied by 1,737 square feet equals $57,321 in rent annually.
Staffing Impact
There is no staffing impact associated with this item. The item aligns with the department’s core service delivery.
DEI Impact
There is no DEI impact associated with this item.
Community Input
There has been no community input given in relation to this item.
Staff Recommendation
Village staff recommends approval of the resolution approving a Letter of Intent to allow the Village Manager to execute a formal lease agreement for office space at 1010 W. Lake Street.
Village staff recommends approval of the resolution approving a Term Sheet to allow the Village Manager to execute a formal lease agreement for office space at 1010 W. Lake Street.
Advantages:
• The Village Board will establish a new Office of Economic Vitality.
• The Office of Economic Vitality is located in the Downtown Oak Park District.
Disadvantages:
• The new lease will require the payment of monthly rent.
• The new space is not located at Village Hall.
Alternatives
The Village Board could deny approval of the new lease.
Alternative 1:
The Village Board could deny approval of the new lease.
Advantages:
• The Village will not have to pay monthly rent.
• The Village can avoid the cost of furniture and equipment
Disadvantages:
• There is inadequate space at Village Hall to attract and retain staff.
• The Office of Economic Vitality would not have modern facilities to conduct meetings with developers and new businesses as part of the Village’s business attraction efforts.
Anticipated Future Actions
There are no anticipated future actions concerning this item.
Prepared By: Village Manager’s Office - John C. Melaniphy - Assistant Village Manager of Economic Vitality
Reviewed By: Ahmad M. Zayyad, Deputy Village Manager
Approved By: Kevin J. Jackson, Village Manager
Attachment(s):
1. Term Sheet - 1010 W. Lake Street
2. Resolution