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Village staff to seek tenant notice and options after commercial tenant reports inability to pay rent
Summary
The board directed staff to obtain formal written notice and to return with options after the tenant at 123 East Cottage Grove Road reported it could no longer afford rent following an internal embezzlement; staff will attempt mitigation and remarketing and investigate an apparent subtenant.
Village staff told the board that the tenant at 123 East Cottage Grove Road (tenant name provided to staff in writing but not read into the public record) informed the village it could no longer afford the lease after an internal embezzlement that affected the tenant’s finances. Staff said there is a two-month security deposit on file and that the tenant’s notice to the village had not been provided in the formal lease-required…
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