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Council reviews lease and operating agreement that gives Friends of Coronado nominal rent, retains certain city capital responsibilities
Summary
Council considered a 5-year lease (with two 5-year renewal options) of the Coronado Theatre to Friends of Coronado at $1 annual rent; council also reviewed an intergovernmental agreement with Rave for operations at the arena, Coronado and Davis Park that keeps city responsibility for capital improvements above set thresholds.
The Rockford City Council considered two related items July 21 concerning management and operations of the Coronado Theatre and related venues.
The finance committee recommended approval of a lease agreement allowing Friends of Coronado (FOC) to lease the Coronado Theatre under a five-year term with two additional five-year renewal options at an annual rent of $1. The committee report states the nominal rent recognizes FOC—s promotional activities and commits the nonprofit to raise $100,000 annually for capital improvements to…
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