Title
Early Termination of Commercial Lease - Read & Ascend
History
As part of the improvements for the LaGrange Road/143rd Street intersection , the village purchased the the property commonly known as the Foot & Ankle Clinic, 9645 W. 143rd Street on October 8, 2010. The entire parcel was purchased after analyzing the cost of total acquisition vs. the payment for the damage to the remainder after acquiring the necessary right-of-way. The prior owner, Dr. Massuta was given one year to vacate and a tenant, Rula Zegar and Norma Abutarboush d/b/a Read and Ascend was allowed to remain on-premises until the expiration of their lease on September 30, 2011. The tenant occupied approximately 1,500 square feet in the basement unit.
Due to the road and intersection improvement project along the frontage of the property, access to the property became difficult for the tenant beginning in June of 2011. The village provided on-street parking on Jefferson Avenue and a few spaces were outlined for the clinic staff on the former car wash property, however the limited space in this area made customer parking very difficult. In addition to the access difficulties, the excessive rainfall in the early to mid-summer of 2011 resulted in some minor flooding in the tenant’s space requiring the tenant to cancel several weeks of their programs. As a result of these issues, the tenant requested consideration for early termination of the lease. The village and tenant have negotiated an early termination of the lease effective May 30, 2011. If approved, the tenant will remain responsible for full payment to the village of all rent due up to and including May 30, 2011.
Financial Impact
The village would have received rent in the amount of $1,900.00 per month from the tenant.
Recommended Action/Motion
I move to approve to terminate the lease agreement with Read & Ascend effective May 30, 2011.