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Finance committee tables Fox Valley Music Foundation five-year lease request to gather more information
Summary
The Aurora Finance Committee voted 5-0 on Jan. 29 to hold for two weeks a requested five-year extension of the Fox Valley Music Foundation lease for 19–21 South Broadway so staff can collect market comparables and the venue can present details on renovation scope and finances.
Brian Caputo, the city’s chief operating officer, told the Aurora Finance Committee on Jan. 29 that the Fox Valley Music Foundation is asking for a five-year extension of its lease at 19–21 South Broadway so it will have assurance to invest in restroom renovations. “So they asked for a 5 year extension,” Caputo said.
Caputo told aldermen the lease currently expires in 2027, that the rent would remain the same and that the city increased the insurance requirements; he described the annual in-lieu amounts as $1,185 per year in place of real-estate taxes and $125 per year in lieu of the special service area (SSA) tax. He said staff asked the Foundation to add a $1,000,000 umbrella policy on top of a baseline of $1,000,000 per incident and $2,000,000 aggregate.
Alderman Carl Franco asked whether the property owner should be responsible for bathroom renovations. Caputo replied that the arrangement grew from prior negotiations and improvements that the Foundation made when it moved into the space, which affects the lease terms. Alderman Edward J. Bugg urged staff to provide fair‑market comparables and questioned whether a five‑year term was appropriate given the city’s prior forgivable loan to the venue and the low rent.
Shannon Cameron, chief of staff, provided context on the venue’s recent finances: “their revenue was $776,000, and their expenses ran $794,000,” she said, noting the organization was slightly in the red in 2024.
Committee members said they supported the organization’s mission but were not prepared to approve a five‑year extension without the venue present and without clearer information on the scope and cost of proposed improvements. Caputo recommended staff re‑engage the Foundation to discuss shorter lease terms and market values.
Alderman Bugg moved to hold item 26‑0050 for two weeks to gather additional information; the motion carried on a roll call vote, 5‑0. The committee directed staff to obtain fair‑market comparables, clarify the scope and estimated cost of the restroom work, and invite representatives of the Foundation to appear at the next meeting to answer questions.
The item remains before the Finance Committee and will return to the agenda after staff and the Foundation provide the requested materials.
