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Finance committee approves one-year lease renewal with Riverfront Playhouse after debate over low rent
Summary
The Aurora Finance Committee approved a one-year renewal with the Riverfront Playhouse at 13 S. Water St., despite aldermen pressing staff for documentation on how the low rent was negotiated and urging small increases to avoid setting a perpetual low-rent precedent.
The finance committee voted to approve resolution 26-0419, renewing the Riverfront Playhouse's lease at its downtown location for one year with the option for a later extension. The motion to approve was made by Alderman Carl Franco and seconded by Alderman Keith Larson; the motion carried 4-1.
Alderman Edward J. Bugg framed the debate, saying the city has historically rented spaces "way, way below market" and urged a small increase to show rents will not remain flat indefinitely. "I would not be in favor of a 400 rent," Bugg said, urging at least a token increase so the city does not set a precedent of never raising prices. City staff said the specific lease terms are in the memo and that a broader leasing policy is under development; staff agreed to bring additional negotiation details to a future Committee of the Whole (COW) meeting.
The committee said it wanted more information on who negotiated the terms and the financial rationale for matching the Playhouse's rent to other venues. Brian Caputo, the city's chief operating officer, said the terms are similar to previous venue agreements and that administration staff will provide negotiation details at the requested COW discussion. The motion to approve passed with four votes in favor and one opposed.
