Title
Art in the Park - Chicago What Knot Sculpture
History
In 2008, the village awarded a three year lease agreement to artist Nicole Beck for the lease of her "Chicago What Knot" sculpture for a stipend of $2,500.00. In 2011, the three year lease was extended for one additional year for a stipend of $2,500.00, which is set to expire on May 10, 2012. The sculpture is located on the west side of Ravinia Avenue near the south entrance of Village Hall's parking lot.
As you may remember, Ms. Beck has indicated that she is willing to reduce the sculpture's purchase price to $15,000.00. The village has already been credited $5,000.00 toward the purchase price. Before you is a four year lease agreement for the years 2012-2015 at $2,500 per year. At the end of the term the village would be credited the full $15,000.00 and would own the sculpture. The lease provides a clause to allow for the cancellation of the lease with notice. This will provide the Board with the opportunity to consider the lease in the annual budget process.
Financial Impact
There is $2,500.00 budgeted for Art in the Park sculpture leases for 2012 in account 010-9450-464.44-90.
Recommended Action/Motion
I move to approve a lease-to-own agreement for the "Chicago What Knot" sculpture for the years 2012, 2013, 2014, and 2015 at $2,500.00 per year.