The City Council’s Human Services Committee will consider an agreement between the City and the Piven Theater Workshop on Monday May 6, 2013 at 7:30 PM. This agreement will allow for the renovation of a portion of the Noyes Cultural Arts Center by Piven for an expansion of its facilities there.
The Human Services Committee will consider the agreement and make a recommendation to the City Council for action.
For further information, contact the City Manager’s Office at 847-866-2936 or email@example.com.
TERM SHEET FOR LEASE AND CONSTRUCTION LOAN AGREEMENT PIVEN THEATRE WORKSHOP
1) Term of Lease: 25 year lease with 5 options to renew the lease/ for 5 years each (total possible lease term is 50 years)
2) City Loan to Piven: City will loan Piven Theater Workshop $2.2 Million to construct certain improvements to the lease space, if Piven raises $355,500 in cash by 12/31/13 (can extend fundraising period to 6/30/14). Piven will also provide “in-kind” donations for architecture work, legal work, and other associated donations of time and effort in an amount up to $1 Million towards the completion of the improvements.
Piven will commence loan repayments 2 years after the improvements are finished.
The Loan will be re-paid at simple 2% interest and over a thirty year term, payments will be on an escalating scale.
Tenant will make monthly payments of $4,166.67 per month for the first 8 years; and will make payments of $4,166.67 or the remaining 22 years on a standard amortization schedule. The improvements are the security and collateral for the Loan.
3) Piven Improvements: See the proposed floor plan for the Theatre Workshop
4) Noyes Cultural Arts Center Studios: See Proposed NCAC Studio Changes
4) Capital Maintenance Contributions: If the Loan is granted, Piven will make annual contributions to capital maintenance at the Noyes Cultural Arts Center in the amount of $6,624.97, commencing on 1/1/2024.
3) Base Rent: $1.00/year, commencing on the first day of the Lease Agreement for the entire Term of the Lease. However, if Piven doesn’t raise the funds under the timeline established (by 6/30/14 at the latest), Piven will pay rent at its 2012 annual rental rate ($62,135.25) and execute a lease agreement in substantial conformance with its former lease, commencing on 1/1/14.
4) Fleetwood-Jourdain: Following completion of Piven’s improvements, Fleetwood-Jourdain will be given a private office within Piven’s office which will be available for use during the Business Hours of the NCAC, at no cost (no less than 150 square feet). Piven will develop an annual schedule for Fleetwood’s use of theater space.
5) Noyes Center Tenant’s Association: Piven will be a member of the Noyes Center Tenant’s Association formed by the tenants of the Property. The Association will provide advisory guidance and opinions to the City on many issues, including, tenant responsibilities and duties with respect to the Noyes Cultural Arts Center.
6) Community Engagement: By December 1, 2013, the Tenant will have an action plan developed to address its community engagement program and review its proposed program in consultation with the City Manager.
Click here to download the PDF of the proposed lease.