Title
Boley Farm/Farm Stand Rental Agreement
History
On August 31, 2001, the Village purchased the Boley Farm located at 8101 West 151st Street subject to a life estate of the seller, Glenn B. Boley. Mr. Boley passed away on April 3, 2014, and the terms of the life estate ended.
Mr. Boley had for many years leased space on the Farm to Mr. Henry (Hank) J. Jacobs to operate a farm stand and a small planted area (field acreage of 2.12 acres, a barn measuring 46 feet by 72 feet and parking lot of approximately one-third (1/3) of an acre). On June 2, 2014, the Board approved a two (2) year lease agreement with Mr. Jacobs beginning March 1, 2014 through November 15, 2014, and March 1, 2015 through November 15, 2015.
Mr. Jacobs has approached the Village requesting to extend this arrangement for an additional two (2) terms. The terms of the new agreement shall be March 1, 2016 through November 15, 2016, and March 1, 2017 through November 15, 2017.
Attached is a draft of the agreement for your review and consideration.
On November 16, 2015 this item was reviewed and approved by the Parks & Recreation Committee and referred to the Village Board for approval.
Financial Impact
The Village will receive a sum of $15,000.00 for the first term and $15,450.00 for the second term, totaling $30,450.00.
Recommended Action/Motion
I move to recommend to the Village Board to approve the Boley Farm/Farm Stand Rental Agreement with Henry (Hank) J. Jacobs for two terms.