Title
Art in the Park Program
History
In May, the Village Board approved a motion made for staff to prepare a lease agreement with Plamen Yordanov for his sculpture, "Double Mobius Strip" which is currently on display at 144th/Ravinia Avenue. Staff attempted to reach Mr. Yordanov with no response until Mr. Yordanov sent an email to staff on August 11, 2011.
At that time, Mr. Yordanov indicated that he would be willing to renew the lease for his sculpture, "Double Mobius Strip" for a three year term at the rate of $2,500.00. Other provisions set forth in the agreement will remain in keeping with the prior agreement. Mr. Yordanov also offered to reduce the purchase price for this sculpture to $25,000.00 should the village wish to consider purchasing it. If the village purchases the sculpture all prior lease payments would be credited against the purchase price.
On October 3, 2011, this item was reviewed and approved by the Parks & Recreation Committee and referred to the Board for approval.
Financial Impact
$2,500 in FY2011 which is consistent with the amount budgeted for this lease
Recommended Action/Motion
I move to approve continuing to lease the art sculptures "Double Mobius Strip" for a three year agreement with Mr. Plamen Yordanov at $2,500.00.