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PROPOSED LICENSE AGREEMENT
Department: Department of Real Estate Management
Request: Approve an extension to a License Agreement
Licensor: County of Cook
Licensee: Plaza Azteca, Inc.
Location: 26th and Washtenaw, Chicago, Illinois
Term/Extension Period: 4/1/2016 - 3/31/2020
Space Occupied: N/A
Monthly Rent: Annual License Fee: $71,998.00 per year for the use of the site, plus $1,500.00 per day for use of the parking structure.
Fiscal Impact: Revenue Generating
Accounts: N/A
Option to Renew: N/A
Termination: The County has a right to terminate with 180 day prior written notice. The Licensee may terminate if the company cannot obtain permits for its use of the licensed area.
Utilities Included: No
Summary/Notes: In 2012, the Board of Commissioners approved a four year license and option to extend with Plaza Azteca for use of a site at 26th and Washtenaw, for the operation of “Special Events,” including outdoor Mexican style rodeos, concerts, dances, markets, carnivals and community festivals. These events are held primarily on weekends from April through October.
Plaza Azteca has exercised its option contained in the License for an additional four subject to approval by the Board of the License Fee applicable during the Option Term. Licensee has met the insurance requirements under the License Agreement.
Approval is recommended.
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