Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: ORD 16-094    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 8/1/2016 Final action: 8/1/2016
Title: An Ordinance Approving a Fourth Amendment to the Lease Agreement between the Village of Oak Park and Robinson's No. 1 Rib, Inc. and Authorizing its Execution
Attachments: 1. Ordinance Fourth Amendment Lease Agreement 06-06-16, 2. Fourth Amendment to Lease
Submitted By
Paul L. Stephanides, Village Attorney

Reviewed By
CLP

Agenda Item Title
Title
An Ordinance Approving a Fourth Amendment to the Lease Agreement between the Village of Oak Park and Robinson's No. 1 Rib, Inc. and Authorizing its Execution

End
Overview
Overview
The proposed Fourth Amendment will extend the current lease term the Village's tenant, Robinsons No. 1 Rib, Inc., to occupy the property located at 934-946 Madison Street from July 31, 2016 to August 31, 2016.

Body
Staff Recommendation
Approve the Ordinance.

Fiscal Impact
The Village will receive $3,015.27 in monthly rent and payments for utilities.

Background
The original Lease Agreement for the property located at 934-946 Madison Street ("Property") provided that the Lease would end on November 30, 2015. The tenant, Robinson's No. 1 Rib, Inc. ("Robinson's"), plans to move to another location in the Village and the Village entered into a First Amendment to the Lease to extend the term to March 31, 2016, a Second Amendment to the Lease to extend the term to May 31, 2016, and a Third Amendment to the Lease to extend the term to July 31, 2016 to provide it with additional time to accomplish its move. Robinson's now requests that the term be extended pursuant to a Fourth Amendment to the Lease to August 31, 2016. The extension is contingent on Robinson's being current with its rent payments and payments for Village utilities. The Village purchased the Property from Robinson's on June 1, 2015.

Alternatives
Not approve the Ordinance.

Previous Board Action
The Board approved the original Lease Agreement on March 23, 2015. The Board approved the First Amendment to the Lease Agreement on December 7, 2015 pursuant to Ordinance No. 15-222, the Second Amendment to the Lease Agreement on March 21, 2016 pursuant to Ordinance 16-037 and the Third Amendment to the Lease Agreement on June 6, 2016 pursuant to Ordinance 16-078.

Citizen Advisory Commission Action
N/A.

Anticipated Future Actio...

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