File #: 22-308    Version: 1 Name:
Type: Resolution Status: Passed
File created: 7/19/2022 In control: Public Works Committee
On agenda: Final action: 9/12/2022
Title: AUTHORIZING LEASE AGREEMENTS WITH JAMES KLEINBAUM, CHICAGO TITLE, AND NORTHEASTERN INSURANCE AGENCY, LLC REGARDING SUITE NO. 25 AT THE MVP ARENA
Sponsors: Public Works Committee
Attachments: 1. GM LETTER - Kleinbaum, Chicago Title, Northeastern, Suite #25, 2. 3475 RLA Form, 3. Letter of intent Suite # 25 Kleinbaum Chicago Title and Northeastern Insurance Agency, 4. Suite #25 Contract, 5. 22-308 PW 7 - TMP - 3475 - Authorizing_Lease_Agreements_Suite_No_25_MVP_Arena
RESOLUTION NO. 308

AUTHORIZING LEASE AGREEMENTS WITH JAMES KLEINBAUM, CHICAGO TITLE, AND NORTHEASTERN INSURANCE AGENCY, LLC REGARDING SUITE NO. 25 AT THE MVP ARENA

Introduced: 9/12/22
By Public Works Committee:

WHEREAS, The General Manager of the MVP Arena has indicated that James Kleinbaum and Chicago Title, current Suite-holders, have expressed an interest in renewing their lease agreements for Corporate Suite No. 25 at the MVP Arena, and that Northeastern Ins. Agency, LLC has expressed an interest in entering into a lease agreement to share Corporate Suite No. 25 with the renewing Suite-holders, and

WHEREAS, Due to the closure of the MVP Arena caused by the COVID-19 pandemic, a credit has been provided to James Kleinbaum and Chicago Title towards the first year amounts owed on the renewal lease agreements for payments they made during the period from April 2020 through April 2021, and

WHEREAS, The total amount of $51,000 shall be made for each of the three years of the lease agreements, and

WHEREAS, James Kleinbaum will be credited in the amount of $14,312.50, with annual payments to be made in the amount of $0 for year one, $11,187.50 for year two, and $12,750 for year three for a total amount of $23,937.50, and

WHEREAS, Chicago Title, will be credited in the amount of $13,812.50, with annual payments to be made in the amount of $0 for year one, $11,687.50 for year two, and $12,750 for year three for a total amount of $24,437.50, and

WHEREAS, Northeastern Insurance Agency, LLC, will have annual payments of $25,500 for the three year term for a total amount of $76,500, with a non-refundable deposit amount of $1,500 to be made upon the signing of the letter of intent, and

WHEREAS, The Suite-holders will also be responsible for sales tax on tickets to sporting events and cable TV monthly charges as well as any catered food they purchase through Aramark at the MVP Arena, and
WHEREAS, The...

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